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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2014
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
|  |  | June 30, |  |  |  |  |  | (Weighted
In millions |  | 2014 |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,539 |  | Market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 9% (2%)
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |
| Loan repurchase commitments |  |  | 363 |  | Discounted cash flow |  | Recovery rates(1) |  |
|  |  |  |  |  |  |  | Breach rates(1) |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 802 |  | Market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 32% (14%)
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |
| CMBS |  |  | 277 |  | BET Model |  | Recovery rates |  | 25% - 90% (74%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 4% - 19% (17%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.7 - 3.1 (2.7)
|  |  |  |  |  |  |  | CMBS spreads |  | 0% - 35% (10%)
| Multi-sector CDO |  |  | 12 |  | Direct Price Model |  | Nonperformance risk |  | 54% - 54% (54%)
| Other |  |  | 43 |  | BET Model and Dual Default |  | Recovery rates |  | 42% - 45% (45%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 7% - 46% (22%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.7 - 8.3 (2.0)
Other derivative liabilities |  |  | 33 |  | Discounted cash flow |  | Cash flows |  | $0 - $83 ($42)(2)
____________ |  |  |  |  |
(1) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty.
(2) - Midpoint of cash flows are used for the weighted average.
|  |  | Fair Value |  |  |  |  |  |  |
|  |  | as of |  |  |  |  |  | Range |
|  |  | December 31, |  |  |  |  |  | (Weighted |
In millions |  | 2013 |  | Valuation Techniques |  | Unobservable Input |  | Average) |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,612 |  | Market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 17% (3%) |
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |  |
| Loan repurchase commitments |  |  | 359 |  | Discounted cash flow |  | Recovery rates(1) |  |  |
|  |  |  |  |  |  |  | Breach rates(1) |  |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 940 |  | Market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 25% (12%) |
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |  |
| CMBS |  |  | 1,050 |  | BET Model |  | Recovery rates |  | 25% - 90% (60%) |
|  |  |  |  |  |  |  | Nonperformance risk |  | 8% - 57% (25%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 1.1-28.0 (3.3) |
|  |  |  |  |  |  |  | CMBS spreads |  | 1% - 29% (13%) |
| Multi-sector CDO |  |  | 12 |  | Direct Price Model |  | Nonperformance risk |  | 57%-57% (57%) |
| Other |  |  | 85 |  | BET Model and Dual Default |  | Recovery rates |  | 42%-90% (45%) |
|  |  |  |  |  |  |  | Nonperformance risk |  | 13% - 54% (25%) |
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.2 - 8.7 (2.3) |
| ____________ |  |  |  |  |
| (1) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty.
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 |  | June 30,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2014
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 486 |  | $ | 114 |  | $ | 0 |  |  | $ | 0 |  | $ | 600
| State and municipal bonds |  |  | 0 |  |  | 1,682 |  |  | 57 | (1) |  |  | 0 |  |  | 1,739
| Foreign governments |  |  | 225 |  |  | 83 |  |  | 5 | (1) |  |  | 0 |  |  | 313
| Corporate obligations |  |  | 0 |  |  | 2,373 |  |  | 34 | (1) |  |  | 0 |  |  | 2,407
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 0 |  |  | 1,184 |  |  | 8 | (1) |  |  | 0 |  |  | 1,192
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 59 |  |  | 0 |  |  |  | 0 |  |  | 59
|  | Commercial mortgage-backed |  |  | 0 |  |  | 30 |  |  | 1 | (1) |  |  | 0 |  |  | 31
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 11 |  |  | 95 | (1) |  |  | 0 |  |  | 106
|  | Other asset-backed |  |  | 0 |  |  | 168 |  |  | 82 | (1) |  |  | 0 |  |  | 250
|  |  | Total fixed-maturity investments |  |  | 711 |  |  | 5,704 |  |  | 282 |  |  |  | 0 |  |  | 6,697
Money market securities |  |  | 392 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 392
Perpetual debt and equity securities |  |  | 27 |  |  | 28 |  |  | 13 | (1) |  |  | 0 |  |  | 68
Cash and cash equivalents |  |  | 534 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 534
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 66 |  |  | 0 |  |  |  | (62) |  |  | 4
|  |  | Total derivative assets |  |  | 0 |  |  | 66 |  |  | 0 |  |  |  | (62) |  |  | 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 |  | June 30,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2014
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | 0 |  |  | 24 |  |  | 62 | (1) |  |  | 0 |  |  | 86
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 205 |  |  | 4 | (1) |  |  | 0 |  |  | 209
|  | Commercial mortgage-backed |  |  | 0 |  |  | 91 |  |  | 0 |  |  |  | 0 |  |  | 91
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 10 |  |  | 6 | (1) |  |  | 0 |  |  | 16
|  | Other asset-backed |  |  | 0 |  |  | 46 |  |  | 26 | (1) |  |  | 0 |  |  | 72
| Cash |  |  | 66 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 66
| Loans receivable |  |  | 0 |  |  | 0 |  |  | 1,539 |  |  |  | 0 |  |  | 1,539
| Loan repurchase commitments |  |  | 0 |  |  | 0 |  |  | 363 |  |  |  | 0 |  |  | 363
Total assets |  | $ | 1,730 |  | $ | 6,174 |  | $ | 2,295 |  |  | $ | (62) |  | $ | 10,137
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 0 |  | $ | 0 |  | $ | 217 | (1) |  | $ | 0 |  | $ | 217
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | 0 |  |  | 3 |  |  | 332 |  |  |  | 0 |  |  | 335
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 208 |  |  | 0 |  |  |  | (127) |  |  | 81
|  | Other |  |  | 0 |  |  | 0 |  |  | 33 |  |  |  | 0 |  |  | 33
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | 0 |  |  | 42 |  |  | 0 |  |  |  | 0 |  |  | 42
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 1,348 |  |  | 802 |  |  |  | 0 |  |  | 2,150
| Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | 0 |  |  | 0 |  |  | 11 | (1) |  |  | 0 |  |  | 11
Total liabilities |  | $ | 0 |  | $ | 1,601 |  | $ | 1,395 |  |  | $ | (127) |  | $ | 2,869
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | 2013
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 397 |  | $ | 156 |  | $ | 0 |  |  | $ | 0 |  | $ | 553
| State and municipal bonds |  |  | 0 |  |  | 1,765 |  |  | 19 | (1) |  |  | 0 |  |  | 1,784
| Foreign governments |  |  | 112 |  |  | 65 |  |  | 12 | (1) |  |  | 0 |  |  | 189
| Corporate obligations |  |  | 0 |  |  | 1,776 |  |  | 48 | (1) |  |  | 0 |  |  | 1,824
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | 0 |  |  | 1,173 |  |  | 0 |  |  |  | 0 |  |  | 1,173
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 86 |  |  | 6 | (1) |  |  | 0 |  |  | 92
|  | Commercial mortgage-backed |  |  | 0 |  |  | 25 |  |  | 14 | (1) |  |  | 0 |  |  | 39
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 72 |  |  | 82 | (1) |  |  | 0 |  |  | 154
|  | Other asset-backed |  |  | 0 |  |  | 130 |  |  | 58 | (1) |  |  | 0 |  |  | 188
|  |  | Total fixed-maturity investments |  |  | 509 |  |  | 5,248 |  |  | 239 |  |  |  | 0 |  |  | 5,996
Money market securities |  |  | 783 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 783
Perpetual debt and equity securities |  |  | 27 |  |  | 13 |  |  | 11 | (1) |  |  | 0 |  |  | 51
Cash and cash equivalents |  |  | 1,161 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 1,161
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 46 |  |  | 0 |  |  |  | (42) |  |  | 4
|  |  | Total derivative assets |  |  | 0 |  |  | 46 |  |  | 0 |  |  |  | (42) |  |  | 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 |  | 2013
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | 0 |  |  | 41 |  |  | 48 | (1) |  |  | 0 |  |  | 89
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | 0 |  |  | 255 |  |  | 4 | (1) |  |  | 0 |  |  | 259
|  | Commercial mortgage-backed |  |  | 0 |  |  | 102 |  |  | 3 | (1) |  |  | 0 |  |  | 105
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | 0 |  |  | 14 |  |  | 22 | (1) |  |  | 0 |  |  | 36
|  | Other asset-backed |  |  | 0 |  |  | 44 |  |  | 54 | (1) |  |  | 0 |  |  | 98
| Money market securities |  |  | 136 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 136
| Cash |  |  | 97 |  |  | 0 |  |  | 0 |  |  |  | 0 |  |  | 97
| Loans receivable |  |  | 0 |  |  | 0 |  |  | 1,612 |  |  |  | 0 |  |  | 1,612
| Loan repurchase commitments |  |  | 0 |  |  | 0 |  |  | 359 |  |  |  | 0 |  |  | 359
Total assets |  | $ | 2,713 |  | $ | 5,763 |  | $ | 2,352 |  |  | $ | (42) |  | $ | 10,786
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 0 |  | $ | 0 |  | $ | 203 | (1) |  | $ | 0 |  | $ | 203
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | 0 |  |  | 5 |  |  | 1,147 |  |  |  | 0 |  |  | 1,152
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | 0 |  |  | 165 |  |  | 0 |  |  |  | (165) |  |  | 0
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | 0 |  |  | 59 |  |  | 0 |  |  |  | 0 |  |  | 59
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 1,416 |  |  | 940 |  |  |  | 0 |  |  | 2,356
| Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | 0 |  |  | 0 |  |  | 11 | (1) |  |  | 0 |  |  | 11
Total liabilities |  | $ | 0 |  | $ | 1,645 |  | $ | 2,301 |  |  | $ | (165) |  | $ | 3,781
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | June 30, |  | June 30, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2014 |  | 2014 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | 0 |  | $ | 0 |  | $ | 4 |  | $ | 4 |  | $ | 4 |
| Accrued investment income(1) |  |  | 0 |  |  | 51 |  |  | 0 |  |  | 51 |  |  | 51 |
| Receivable for investments sold(1) |  |  | 0 |  |  | 75 |  |  | 0 |  |  | 75 |  |  | 75 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | 0 |  |  | 0 |  |  | 2,780 |  |  | 2,780 |  |  | 2,787 |
Total assets |  | $ | 0 |  | $ | 126 |  | $ | 2,784 |  | $ | 2,910 |  | $ | 2,917 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment agreements |  | $ | 0 |  | $ | 0 |  | $ | 801 |  | $ | 801 |  | $ | 660 |
| Medium-term notes |  |  | 0 |  |  | 0 |  |  | 832 |  |  | 832 |  |  | 1,069 |
| Long-term debt |  |  | 0 |  |  | 1,516 |  |  | 0 |  |  | 1,516 |  |  | 1,755 |
| Payable for investments purchased(2) |  |  | 0 |  |  | 34 |  |  | 0 |  |  | 34 |  |  | 34 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 0 |  |  | 2,780 |  |  | 2,780 |  |  | 2,787 |
Total liabilities |  | $ | 0 |  | $ | 1,550 |  | $ | 4,413 |  | $ | 5,963 |  | $ | 6,305 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | 0 |  | $ | 0 |  | $ | 4,487 |  | $ | 4,487 |  | $ | 2,181 |
| Ceded |  |  | 0 |  |  | 0 |  |  | 116 |  |  | 116 |  |  | 72 |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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) |  | 2013 |  | 2013
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | 0 |  | $ | 0 |  | $ | 4 |  | $ | 4 |  | $ | 5
| Accrued investment income(1) |  |  | 0 |  |  | 52 |  |  | 0 |  |  | 52 |  |  | 52
| Receivable for investments sold(1) |  |  | 0 |  |  | 22 |  |  | 0 |  |  | 22 |  |  | 22
| Net cash collateral pledged(1) |  |  | 24 |  |  | 0 |  |  | 0 |  |  | 24 |  |  | 24
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | 0 |  |  | 0 |  |  | 2,651 |  |  | 2,651 |  |  | 2,801
Total assets |  | $ | 24 |  | $ | 74 |  | $ | 2,655 |  | $ | 2,753 |  | $ | 2,904
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment agreements |  | $ | 0 |  | $ | 0 |  | $ | 814 |  | $ | 814 |  | $ | 700
| Medium-term notes |  |  | 0 |  |  | 0 |  |  | 927 |  |  | 927 |  |  | 1,224
| Long-term debt |  |  | 0 |  |  | 1,412 |  |  | 0 |  |  | 1,412 |  |  | 1,702
| Payable for investments purchased(2) |  |  | 0 |  |  | 31 |  |  | 0 |  |  | 31 |  |  | 31
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 0 |  |  | 0 |  |  | 2,751 |  |  | 2,751 |  |  | 2,930
Total liabilities |  | $ | 0 |  | $ | 1,443 |  | $ | 4,492 |  | $ | 5,935 |  | $ | 6,587
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | 0 |  | $ | 0 |  | $ | 2,843 |  | $ | 2,843 |  | $ | 2,388
| Ceded |  |  | 0 |  |  | 0 |  |  | 71 |  |  | 71 |  |  | 76
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 June 30, 2014
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  | June 30,
In millions |  | of Period |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2014
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 7 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | (4) |  | $ | 0 |  | $ | 2 |  | $ | 0 |  | $ | 5 |  | $ | 0
Corporate obligations |  |  | 30 |  |  | 4 |  |  | 2 |  |  | (3) |  |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | (1) |  |  | 34 |  |  | 2
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 29 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 8 |  |  | (29) |  |  | 8 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (12) |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 1 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 115 |  |  | (2) |  |  | 1 |  |  | 24 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | (41) |  |  | 2 |  |  | (1) |  |  | 95 |  |  | 0
Other asset-backed |  |  | 85 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 0 |  |  | 11 |  |  | 0 |  |  | (2) |  |  | (1) |  |  | 6 |  |  | (20) |  |  | 82 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 62 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | (2) |  |  | 57 |  |  | 0
Perpetual debt and equity securities |  |  | 15 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | 13 |  |  | 2
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 64 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 62 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 5 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 4 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 3 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 14 |  |  | 0 |  |  | (7) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 6 |  |  | 0
Other asset-backed |  |  | 42 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 0 |  |  | (10) |  |  | 26 |  |  | 0
Loans receivable |  |  | 1,557 |  |  | 0 |  |  | 37 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (55) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,539 |  |  | 37
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 364 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 363 |  |  | (1)
Total assets |  | $ | 2,406 |  | $ | 2 |  | $ | 26 |  | $ | 25 |  | $ | 0 |  | $ | 17 |  | $ | 0 |  | $ | (83) |  | $ | (50) |  | $ | 20 |  | $ | (68) |  | $ | 2,295 |  | $ | 40
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 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 |  | June 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 |  | $ | 8 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | (8) |  | $ | 0 |  | $ | 3 |  | $ | 0 |  | $ | 3 |  | $ | 0
Corporate obligations |  |  | 57 |  |  | 0 |  |  | 1 |  |  | 3 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 63 |  |  | 1
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 0 |  |  | 3 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 13 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 13 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 37 |  |  | (1) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 61 |  |  | 0 |  |  | (8) |  |  | (5) |  |  | 9 |  |  | (10) |  |  | 85 |  |  | 1
Other asset-backed |  |  | 67 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 3 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 2 |  |  | (4) |  |  | 64 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 23 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 42 |  |  | 0 |  |  | 63 |  |  | 0
Perpetual debt and equity securities |  |  | 10 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 10 |  |  | 0
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 79 |  |  | (4) |  |  | (6) |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | (25) |  |  | 0 |  |  | 0 |  |  | 48 |  |  | (1)
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 6 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 2 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 28 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (24) |  |  | 0 |  |  | 0 |  |  | 4 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 117 |  |  | 0 |  |  | 0 |  |  | 5 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | (86) |  |  | 0 |  |  | 0 |  |  | 35 |  |  | 3
Other asset-backed |  |  | 47 |  |  | 0 |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (6) |  |  | (2) |  |  | 10 |  |  | 0 |  |  | 63 |  |  | 11
Loans receivable |  |  | 1,819 |  |  | 0 |  |  | 212 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (68) |  |  | (173) |  |  | 0 |  |  | 0 |  |  | 1,790 |  |  | 212
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,176 |  |  | 0 |  |  | 49 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (110) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,115 |  |  | 49
Total assets |  | $ | 3,488 |  | $ | (5) |  | $ | 269 |  | $ | 15 |  | $ | 0 |  | $ | 66 |  | $ | 0 |  | $ | (208) |  | $ | (315) |  | $ | 69 |  | $ | (17) |  | $ | 3,362 |  | $ | 276
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2014
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  | June 30,
In millions |  | of Year |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2014
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 12 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | (9) |  | $ | 0 |  | $ | 2 |  | $ | 0 |  | $ | 5 |  | $ | 0
Corporate obligations |  |  | 48 |  |  | 3 |  |  | 3 |  |  | (4) |  |  | 0 |  |  | 6 |  |  | 0 |  |  | (2) |  |  | (22) |  |  | 3 |  |  | (1) |  |  | 34 |  |  | 2
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 37 |  |  | (29) |  |  | 8 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 6 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (13) |  |  | 0 |  |  | 1 |  |  | (1) |  |  | 1 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 82 |  |  | (2) |  |  | 1 |  |  | 27 |  |  | 0 |  |  | 5 |  |  | 0 |  |  | (5) |  |  | (41) |  |  | 35 |  |  | (7) |  |  | 95 |  |  | 0
Other asset-backed |  |  | 58 |  |  | 0 |  |  | 0 |  |  | 8 |  |  | 0 |  |  | 11 |  |  | 0 |  |  | (4) |  |  | (1) |  |  | 30 |  |  | (20) |  |  | 82 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 19 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | (3) |  |  | 44 |  |  | (2) |  |  | 57 |  |  | 0
Perpetual debt and equity securities |  |  | 11 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 4 |  |  | (4) |  |  | 13 |  |  | 2
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 48 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 17 |  |  | 0 |  |  | 62 |  |  | 1
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 4 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 4 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 3 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 22 |  |  | 0 |  |  | (10) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | 1 |  |  | (3) |  |  | 6 |  |  | 1
Other asset-backed |  |  | 54 |  |  | 0 |  |  | (16) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (6) |  |  | 0 |  |  | 4 |  |  | (10) |  |  | 26 |  |  | 0
Loans receivable |  |  | 1,612 |  |  | 0 |  |  | 36 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (109) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,539 |  |  | 36
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 359 |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 363 |  |  | 4
Total assets |  | $ | 2,352 |  | $ | 1 |  | $ | 16 |  | $ | 31 |  | $ | 0 |  | $ | 22 |  | $ | 0 |  | $ | (158) |  | $ | (67) |  | $ | 180 |  | $ | (82) |  | $ | 2,295 |  | $ | 46
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 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 |  | June 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 |  | $ | (8) |  | $ | 0 |  | $ | 11 |  | $ | (3) |  | $ | 3 |  | $ | 0
Corporate obligations |  |  | 76 |  |  | 2 |  |  | 5 |  |  | 4 |  |  | (1) |  |  | 2 |  |  | 0 |  |  | (1) |  |  | (24) |  |  | 0 |  |  | 0 |  |  | 63 |  |  | 5
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 0 |  |  | 3 |  |  | 0
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 28 |  |  | 0 |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (19) |  |  | 1 |  |  | (1) |  |  | 13 |  |  | 0
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 31 |  |  | (2) |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 61 |  |  | 0 |  |  | (12) |  |  | (5) |  |  | 19 |  |  | (11) |  |  | 85 |  |  | 1
Other asset-backed |  |  | 26 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 4 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 44 |  |  | (4) |  |  | 64 |  |  | 0
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 103 |  |  | 2 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | (12) |  |  | 42 |  |  | (68) |  |  | 63 |  |  | 0
Perpetual debt and equity securities |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | 10 |  |  | 0
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 78 |  |  | (4) |  |  | (8) |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (3) |  |  | (24) |  |  | 3 |  |  | 0 |  |  | 48 |  |  | (1)
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 6 |  |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (7) |  |  | 0 |  |  | 1 |  |  | (4) |  |  | 2 |  |  | 0
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 7 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (24) |  |  | 20 |  |  | 0 |  |  | 4 |  |  | 1
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 125 |  |  | 0 |  |  | (9) |  |  | 5 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | (85) |  |  | 1 |  |  | (1) |  |  | 35 |  |  | 4
Other asset-backed |  |  | 64 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (9) |  |  | (2) |  |  | 10 |  |  | 0 |  |  | 63 |  |  | 4
Loans receivable |  |  | 1,881 |  |  | 0 |  |  | 221 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (137) |  |  | (175) |  |  | 0 |  |  | 0 |  |  | 1,790 |  |  | 207
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,086 |  |  | 0 |  |  | 139 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (110) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,115 |  |  | 139
Total assets |  | $ | 3,532 |  | $ | (2) |  | $ | 355 |  | $ | 21 |  | $ | (2) |  | $ | 67 |  | $ | 0 |  | $ | (299) |  | $ | (370) |  | $ | 155 |  | $ | (95) |  | $ | 3,362 |  | $ | 360
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 |  | June 30,
In millions |  | of Period |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2014
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 215 |  | $ | 0 |  | $ | 3 |  | $ | 0 |  | $ | (1) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 217 |  | $ | 2
Credit derivatives, net |  |  | 309 |  |  | 23 |  |  | 23 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (23) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 332 |  |  | 24
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  |  | 31 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 33 |  |  | 2
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 812 |  |  | 0 |  |  | 18 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | (31) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 802 |  |  | 18
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 5 |  |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 11 |  |  | 6
Total liabilities |  | $ | 1,372 |  | $ | 23 |  | $ | 52 |  | $ | 0 |  | $ | (1) |  | $ | 0 |  | $ | 3 |  | $ | (54) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 1,395 |  | $ | 52
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | June 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 |  | $ | 181 |  | $ | 0 |  | $ | 5 |  | $ | 0 |  | $ | 2 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 188 |  | $ | 7
Credit derivatives, net |  |  | 2,994 |  |  | 1,532 |  |  | (1,350) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,532) |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 1,648 |  |  | 162
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | (1) |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | (6)
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 1 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | 0
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,901 |  |  | 0 |  |  | 24 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (26) |  |  | (1,075) |  |  | 0 |  |  | 0 |  |  | 824 |  |  | 24
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 23 |  |  | 0 |  |  | (4) |  |  | 0 |  |  | (3) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 16 |  |  | (7)
Total liabilities |  | $ | 5,099 |  | $ | 1,532 |  | $ | (1,325) |  | $ | 0 |  | $ | 1 |  | $ | 0 |  | $ | 0 |  | $ | (1,558) |  | $ | (1,075) |  | $ | 4 |  | $ | (2) |  | $ | 2,676 |  | $ | 180
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | June 30,
In millions |  | of Year |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2014
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 203 |  | $ | 0 |  | $ | 15 |  | $ | 0 |  | $ | (1) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 217 |  | $ | 14
Credit derivatives, net |  |  | 1,147 |  |  | 364 |  |  | (815) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (364) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 332 |  |  | (6)
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 0 |  |  | 30 |  |  | 3 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 33 |  |  | 3
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 940 |  |  | 0 |  |  | 36 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | (136) |  |  | (41) |  |  | 0 |  |  | 0 |  |  | 802 |  |  | 33
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 11 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 11 |  |  | 0
Total liabilities |  | $ | 2,301 |  | $ | 394 |  | $ | (761) |  | $ | 0 |  | $ | (1) |  | $ | 0 |  | $ | 3 |  | $ | (500) |  | $ | (41)(2) |  | $ | 0 |  | $ | 0 |  | $ | 1,395 |  | $ | 44
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
(2) - Primarily relates to the deconsolidation of VIEs.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  | June 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 |  | $ | 25 |  | $ | 0 |  | $ | (2) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 188 |  | $ | 23
Credit derivatives, net |  |  | 2,921 |  |  | 1,521 |  |  | (1,277) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,521) |  |  | 0 |  |  | 4 |  |  | 0 |  |  | 1,648 |  |  | 218
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | (1) |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | (6)
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 |  |  | 146 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (178) |  |  | (1,076) |  |  | 0 |  |  | 0 |  |  | 824 |  |  | 59
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 21 |  |  | 0 |  |  | (5) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 16 |  |  | (5)
Total liabilities |  | $ | 5,039 |  | $ | 1,521 |  | $ | (1,109) |  | $ | 0 |  | $ | (2) |  | $ | 0 |  | $ | 0 |  | $ | (1,699) |  | $ | (1,076)(2) |  | $ | 4 |  | $ | (2) |  | $ | 2,676 |  | $ | 289
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
(2) - Primarily relates to the deconsolidation of VIEs.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities |
|  |  | Three Months Ended June 30, 2014 |  | Three Months Ended June 30, 2013
|  |  |  |  |  | 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 |  | June 30, |  | Included |  | June 30,
In millions |  | in Earnings |  | 2014 |  | in Earnings |  | 2013
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | (23) |  | $ | (24) |  | $ | 1,350 |  | $ | (162)
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (23) |  |  | 0 |  |  | (1,532) |  |  | 0
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 3 |  |  | 0 |  |  | (8) |  |  | 1
| Net investment losses related to |  |  |  |  |  |  |  |  |  |  |  |
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (3) |  |  | 12 |  |  | 244 |  |  | 257
Total |  | $ | (46) |  | $ | (12) |  | $ | 54 |  | $ | 96
|  |  | Six Months Ended June 30, 2014 |  | Six Months Ended June 30, 2013
|  |  |  |  |  | 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 |  | June 30, |  | Included |  | June 30,
In millions |  | in Earnings |  | 2014 |  | in Earnings |  | 2013
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | 815 |  | $ | 6 |  | $ | 1,277 |  | $ | (218)
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (394) |  |  | 0 |  |  | (1,521) |  |  | 0
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (10) |  |  | (13) |  |  | (18) |  |  | (11)
| Net investment losses related to |  |  |  |  |  |  |  |  |  |  |  |
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (26) |  |  | 9 |  |  | 205 |  |  | 300
Total |  | $ | 385 |  | $ | 2 |  | $ | (57) |  | $ | 71
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
In millions |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Investments carried at fair value(1) |  | $ | 1 |  | $ | 2 |  | $ | 2 |  | $ | 6 |
Fixed-maturity securities held at fair value-VIE(2) |  |  | (30) |  |  | (16) |  |  | (68) |  |  | 2 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans(2) |  |  | (17) |  |  | 145 |  |  | (73) |  |  | 71 |
| Other loans(2) |  |  | - |  |  | - |  |  | 0 |  |  | 13 |
Loan repurchase commitments(2) |  |  | - |  |  | 50 |  |  | 5 |  |  | 139 |
Medium-term notes(1) |  |  | (2) |  |  | (7) |  |  | (14) |  |  | (23) |
Variable interest entity notes (2) |  |  | 48 |  |  | (160) |  |  | 169 |  |  | (79) |
_____________
(1) - Reported within "Net gains (losses) of financial instruments at fair value and foreign exchange" on MBIA's consolidated statements of operations. |
(2) - Reported within "Net gains (losses) of financial instruments at fair value and foreign exchange-VIE" on MBIA's consolidated statements of operations. |
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding |
|  |  | As of June 30, 2014 |  |  | As of December 31, 2013
|  |  | Contractual |  |  |  |  |  |  |  | Contractual |  |  |  |  |  |
|  |  | Outstanding |  | Fair |  |  |  |  | Outstanding |  | Fair |  |  |
In millions |  | Principal |  | Value |  | Difference |  | Principal |  | Value |  | Difference
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans |  | $ | 1,729 |  | $ | 1,510 |  | $ | 219 |  | $ | 1,846 |  | $ | 1,562 |  | $ | 284
| Residential mortgage loans (90 days or more past due) |  |  | 243 |  |  | 29 |  |  | 214 |  |  | 231 |  |  | 50 |  |  | 181
Total loans receivable at fair value |  | $ | 1,972 |  | $ | 1,539 |  | $ | 433 |  | $ | 2,077 |  | $ | 1,612 |  | $ | 465
Variable interest entity notes |  | $ | 3,428 |  | $ | 2,150 |  | $ | 1,278 |  | $ | 3,787 |  | $ | 2,356 |  | $ | 1,431
Medium-term notes |  | $ | 274 |  | $ | 217 |  | $ | 57 |  | $ | 276 |  | $ | 203 |  | $ | 73

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