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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 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
|  |  | September 30, |  |  |  |  |  | (Weighted
In millions |  | 2014 |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,495 |  | Market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 8% (2%)
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |
| Loan repurchase commitments |  |  | 365 |  | Discounted cash flow |  | Recovery rates(1) |  |
|  |  |  |  |  |  |  | Breach rates(1) |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 746 |  | Market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 35% (16%)
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |
| CMBS |  |  | 263 |  | BET Model |  | Recovery rates |  | 25% - 90% (74%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 13% - 24% (22%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 1.6 - 3.1 (2.5)
|  |  |  |  |  |  |  | CMBS spreads |  | 0% - 37% (11%)
| Multi-sector CDO |  |  | 11 |  | Direct Price Model |  | Nonperformance risk |  | 51% - 51% (51%)
| Other |  |  | 10 |  | BET Model and Dual Default |  | Recovery rates |  | 42% - 45% (45%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 40% - 50% (48%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.5 - 8.1 (1.4)
Other derivative liabilities |  |  | 38 |  | 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 |  | September 30,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2014
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 515 |  | $ | 115 |  | $ | - |  |  | $ | - |  | $ | 630
| State and municipal bonds |  |  | - |  |  | 1,664 |  |  | 58 | (1) |  |  | - |  |  | 1,722
| Foreign governments |  |  | 195 |  |  | 78 |  |  | 6 | (1) |  |  | - |  |  | 279
| Corporate obligations |  |  | - |  |  | 2,106 |  |  | 38 | (1) |  |  | - |  |  | 2,144
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  | 1,156 |  |  | - |  |  |  | - |  |  | 1,156
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 55 |  |  | - |  |  |  | - |  |  | 55
|  | Commercial mortgage-backed |  |  | - |  |  | 26 |  |  | 1 | (1) |  |  | - |  |  | 27
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 8 |  |  | 92 | (1) |  |  | - |  |  | 100
|  | Other asset-backed |  |  | - |  |  | 137 |  |  | 94 | (1) |  |  | - |  |  | 231
|  |  | Total fixed-maturity investments |  |  | 710 |  |  | 5,345 |  |  | 289 |  |  |  | - |  |  | 6,344
Money market securities |  |  | 610 |  |  | - |  |  | - |  |  |  | - |  |  | 610
Perpetual debt and equity securities |  |  | 27 |  |  | 40 |  |  | 13 | (1) |  |  | - |  |  | 80
Cash and cash equivalents |  |  | 550 |  |  | - |  |  | - |  |  |  | - |  |  | 550
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 69 |  |  | - |  |  |  | (65) |  |  | 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 |  | 2014
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | - |  |  | 21 |  |  | 69 | (1) |  |  | - |  |  | 90
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 203 |  |  | 4 | (1) |  |  | - |  |  | 207
|  | Commercial mortgage-backed |  |  | - |  |  | 85 |  |  | - |  |  |  | - |  |  | 85
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 9 |  |  | 6 | (1) |  |  | - |  |  | 15
|  | Other asset-backed |  |  | - |  |  | 35 |  |  | 39 | (1) |  |  | - |  |  | 74
| Cash |  |  | 56 |  |  | - |  |  | - |  |  |  | - |  |  | 56
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  | - |  |  | 1,495 |  |  |  | - |  |  | 1,495
|  | Corporate loans receivable |  |  | - |  |  | 407 |  |  | - |  |  |  | - |  |  | 407
| Loan repurchase commitments |  |  | - |  |  | - |  |  | 365 |  |  |  | - |  |  | 365
Total assets |  | $ | 1,953 |  | $ | 6,214 |  | $ | 2,280 |  |  | $ | (65) |  | $ | 10,382
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  | $ | - |  | $ | 202 | (1) |  | $ | - |  | $ | 202
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | - |  |  | 4 |  |  | 284 |  |  |  | - |  |  | 288
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 211 |  |  | - |  |  |  | (109) |  |  | 102
|  | Other |  |  | - |  |  | - |  |  | 38 |  |  |  | - |  |  | 38
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | - |  |  | 24 |  |  | - |  |  |  | - |  |  | 24
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 1,717 |  |  | 746 |  |  |  | - |  |  | 2,463
| Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | - |  |  | - |  |  | 7 | (1) |  |  | - |  |  | 7
Total liabilities |  | $ | - |  | $ | 1,956 |  | $ | 1,277 |  |  | $ | (109) |  | $ | 3,124
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | $ | - |  |  | $ | - |  | $ | 553
| State and municipal bonds |  |  | - |  |  | 1,765 |  |  | 19 | (1) |  |  | - |  |  | 1,784
| Foreign governments |  |  | 112 |  |  | 65 |  |  | 12 | (1) |  |  | - |  |  | 189
| Corporate obligations |  |  | - |  |  | 1,776 |  |  | 48 | (1) |  |  | - |  |  | 1,824
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  | 1,173 |  |  | - |  |  |  | - |  |  | 1,173
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 86 |  |  | 6 | (1) |  |  | - |  |  | 92
|  | Commercial mortgage-backed |  |  | - |  |  | 25 |  |  | 14 | (1) |  |  | - |  |  | 39
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 72 |  |  | 82 | (1) |  |  | - |  |  | 154
|  | Other asset-backed |  |  | - |  |  | 130 |  |  | 58 | (1) |  |  | - |  |  | 188
|  |  | Total fixed-maturity investments |  |  | 509 |  |  | 5,248 |  |  | 239 |  |  |  | - |  |  | 5,996
Money market securities |  |  | 783 |  |  | - |  |  | - |  |  |  | - |  |  | 783
Perpetual debt and equity securities |  |  | 27 |  |  | 13 |  |  | 11 | (1) |  |  | - |  |  | 51
Cash and cash equivalents |  |  | 1,161 |  |  | - |  |  | - |  |  |  | - |  |  | 1,161
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 46 |  |  | - |  |  |  | (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 |  |  | - |  |  | 41 |  |  | 48 | (1) |  |  | - |  |  | 89
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 255 |  |  | 4 | (1) |  |  | - |  |  | 259
|  | Commercial mortgage-backed |  |  | - |  |  | 102 |  |  | 3 | (1) |  |  | - |  |  | 105
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 14 |  |  | 22 | (1) |  |  | - |  |  | 36
|  | Other asset-backed |  |  | - |  |  | 44 |  |  | 54 | (1) |  |  | - |  |  | 98
| Money market securities |  |  | 136 |  |  | - |  |  | - |  |  |  | - |  |  | 136
| Cash |  |  | 97 |  |  | - |  |  | - |  |  |  | - |  |  | 97
| Loans receivable at fair value |  |  | - |  |  | - |  |  | 1,612 |  |  |  | - |  |  | 1,612
| Loan repurchase commitments |  |  | - |  |  | - |  |  | 359 |  |  |  | - |  |  | 359
Total assets |  | $ | 2,713 |  | $ | 5,763 |  | $ | 2,352 |  |  | $ | (42) |  | $ | 10,786
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  | $ | - |  | $ | 203 | (1) |  | $ | - |  | $ | 203
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | - |  |  | 5 |  |  | 1,147 |  |  |  | - |  |  | 1,152
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 165 |  |  | - |  |  |  | (165) |  |  | -
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | - |  |  | 59 |  |  | - |  |  |  | - |  |  | 59
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 1,416 |  |  | 940 |  |  |  | - |  |  | 2,356
| Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | - |  |  | - |  |  | 11 | (1) |  |  | - |  |  | 11
Total liabilities |  | $ | - |  | $ | 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 |  | September 30, |  | September 30, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2014 |  | 2014 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  | $ | - |  | $ | 4 |  | $ | 4 |  | $ | 4 |
| Accrued investment income(1) |  |  | - |  |  | 48 |  |  | - |  |  | 48 |  |  | 48 |
| Receivable for investments sold(1) |  |  | - |  |  | 58 |  |  | - |  |  | 58 |  |  | 58 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | - |  |  | - |  |  | 2,730 |  |  | 2,730 |  |  | 2,772 |
Total assets |  | $ | - |  | $ | 106 |  | $ | 2,734 |  | $ | 2,840 |  | $ | 2,882 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment agreements |  | $ | - |  | $ | - |  | $ | 801 |  | $ | 801 |  | $ | 659 |
| Medium-term notes |  |  | - |  |  | - |  |  | 799 |  |  | 799 |  |  | 1,027 |
| Long-term debt |  |  | - |  |  | 1,462 |  |  | - |  |  | 1,462 |  |  | 1,784 |
| Payable for investments purchased(2) |  |  | - |  |  | 49 |  |  | - |  |  | 49 |  |  | 49 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | - |  |  | 2,837 |  |  | 2,837 |  |  | 2,772 |
| Payable for loans purchased |  |  | - |  |  | 39 |  |  | - |  |  | 39 |  |  | 39 |
Total liabilities |  | $ | - |  | $ | 1,550 |  | $ | 4,437 |  | $ | 5,987 |  | $ | 6,330 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | - |  | $ | - |  | $ | 4,619 |  | $ | 4,619 |  | $ | 2,067 |
| Ceded |  |  | - |  |  | - |  |  | 118 |  |  | 118 |  |  | 68 |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | $ | - |  | $ | - |  | $ | 4 |  | $ | 4 |  | $ | 5
| Accrued investment income(1) |  |  | - |  |  | 52 |  |  | - |  |  | 52 |  |  | 52
| Receivable for investments sold(1) |  |  | - |  |  | 22 |  |  | - |  |  | 22 |  |  | 22
| Net cash collateral pledged(1) |  |  | 24 |  |  | - |  |  | - |  |  | 24 |  |  | 24
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | - |  |  | - |  |  | 2,651 |  |  | 2,651 |  |  | 2,801
Total assets |  | $ | 24 |  | $ | 74 |  | $ | 2,655 |  | $ | 2,753 |  | $ | 2,904
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment agreements |  | $ | - |  | $ | - |  | $ | 814 |  | $ | 814 |  | $ | 700
| Medium-term notes |  |  | - |  |  | - |  |  | 927 |  |  | 927 |  |  | 1,224
| Long-term debt |  |  | - |  |  | 1,412 |  |  | - |  |  | 1,412 |  |  | 1,702
| Payable for investments purchased(2) |  |  | - |  |  | 31 |  |  | - |  |  | 31 |  |  | 31
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | - |  |  | 2,751 |  |  | 2,751 |  |  | 2,930
Total liabilities |  | $ | - |  | $ | 1,443 |  | $ | 4,492 |  | $ | 5,935 |  | $ | 6,587
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | - |  | $ | - |  | $ | 2,843 |  | $ | 2,843 |  | $ | 2,388
| Ceded |  |  | - |  |  | - |  |  | 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 September 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 |  | September 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 |  | $ | 5 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (6) |  | $ | - |  | $ | 7 |  | $ | - |  | $ | 6 |  | $ | -
Corporate obligations |  |  | 34 |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | 3 |  |  | - |  |  | (1) |  |  | (1) |  |  | 4 |  |  | - |  |  | 38 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 8 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (8) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 95 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | 92 |  |  | -
Other asset-backed |  |  | 82 |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | 21 |  |  | (1) |  |  | 94 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 57 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 2 |  |  | - |  |  | 58 |  |  | -
Perpetual debt and equity securities |  |  | 13 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 13 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 62 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | - |  |  | 69 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 6 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | -
Other asset-backed |  |  | 26 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 14 |  |  | - |  |  | 39 |  |  | -
Loans receivable |  |  | 1,539 |  |  | - |  |  | 12 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (56) |  |  | - |  |  | - |  |  | - |  |  | 1,495 |  |  | 12
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 363 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 365 |  |  | 2
Total assets |  | $ | 2,295 |  | $ | - |  | $ | 14 |  | $ | (4) |  | $ | (1) |  | $ | 3 |  | $ | - |  | $ | (80) |  | $ | (1) |  | $ | 55 |  | $ | (1) |  | $ | 2,280 |  | $ | 14
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 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 |  | 2013
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 3 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (3) |  | $ | - |  | $ | 5 |  | $ | - |  | $ | 5 |  | $ | -
Corporate obligations |  |  | 63 |  |  | (7) |  |  | 1 |  |  | 7 |  |  | 2 |  |  | - |  |  | - |  |  | (14) |  |  | (6) |  |  | 1 |  |  | - |  |  | 47 |  |  | 1
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 17 |  |  | (3) |  |  | 17 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 13 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 2 |  |  | - |  |  | 14 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 85 |  |  | - |  |  | - |  |  | 7 |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | 10 |  |  | (11) |  |  | 88 |  |  | -
Other asset-backed |  |  | 64 |  |  | - |  |  | - |  |  | (5) |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | 3 |  |  | (1) |  |  | 57 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 63 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | 62 |  |  | -
Perpetual debt and equity securities |  |  | 10 |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 11 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 48 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 48 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | 4 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 4 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 35 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | - |  |  | (12) |  |  | 20 |  |  | (1)
Other asset-backed |  |  | 63 |  |  | - |  |  | (7) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 1 |  |  | (6) |  |  | 50 |  |  | (1)
Loans receivable |  |  | 1,790 |  |  | - |  |  | (12) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (74) |  |  | - |  |  | - |  |  | - |  |  | 1,704 |  |  | (12)
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,115 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,116 |  |  | 1
Total assets |  | $ | 3,362 |  | $ | (7) |  | $ | (17) |  | $ | 9 |  | $ | 3 |  | $ | - |  | $ | - |  | $ | (106) |  | $ | (6) |  | $ | 41 |  | $ | (34) |  | $ | 3,245 |  | $ | (12)
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 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 |  | September 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 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (15) |  | $ | - |  | $ | 9 |  | $ | - |  | $ | 6 |  | $ | -
Corporate obligations |  |  | 48 |  |  | 3 |  |  | 3 |  |  | (4) |  |  | (1) |  |  | 9 |  |  | - |  |  | (3) |  |  | (23) |  |  | 7 |  |  | (1) |  |  | 38 |  |  | 2
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (8) |  |  | - |  |  | 37 |  |  | (29) |  |  | - |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 6 |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | - |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 14 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (14) |  |  | - |  |  | 2 |  |  | (1) |  |  | 1 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 82 |  |  | (2) |  |  | 1 |  |  | 27 |  |  | - |  |  | 5 |  |  | - |  |  | (9) |  |  | (41) |  |  | 36 |  |  | (7) |  |  | 92 |  |  | -
Other asset-backed |  |  | 58 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  | 11 |  |  | - |  |  | (8) |  |  | (1) |  |  | 51 |  |  | (21) |  |  | 94 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 19 |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | (3) |  |  | 46 |  |  | (2) |  |  | 58 |  |  | -
Perpetual debt and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  |  | 11 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | (4) |  |  | 13 |  |  | 2
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 48 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | 25 |  |  | - |  |  | 69 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 4 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 2 |  |  | - |  |  | 4 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 3 |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 22 |  |  | - |  |  | (10) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | 1 |  |  | (3) |  |  | 6 |  |  | 1
Other asset-backed |  |  | 54 |  |  | - |  |  | (16) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (7) |  |  | - |  |  | 18 |  |  | (10) |  |  | 39 |  |  | -
Loans receivable |  |  | 1,612 |  |  | - |  |  | 48 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (165) |  |  | - |  |  | - |  |  | - |  |  | 1,495 |  |  | 48
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 359 |  |  | - |  |  | 6 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 365 |  |  | 6
Total assets |  | $ | 2,352 |  | $ | 1 |  | $ | 30 |  | $ | 27 |  | $ | (1) |  | $ | 25 |  | $ | - |  | $ | (241) |  | $ | (68) |  | $ | 238 |  | $ | (83) |  | $ | 2,280 |  | $ | 59
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 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (11) |  | $ | - |  | $ | 16 |  | $ | (3) |  | $ | 5 |  | $ | -
Corporate obligations |  |  | 76 |  |  | (5) |  |  | 6 |  |  | 11 |  |  | - |  |  | 1 |  |  | - |  |  | (14) |  |  | (29) |  |  | 1 |  |  | - |  |  | 47 |  |  | 6
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 20 |  |  | (3) |  |  | 17 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 28 |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | (2) |  |  | (18) |  |  | 3 |  |  | (1) |  |  | 14 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 31 |  |  | (2) |  |  | - |  |  | 11 |  |  | - |  |  | 61 |  |  | - |  |  | (14) |  |  | (5) |  |  | 28 |  |  | (22) |  |  | 88 |  |  | 1
Other asset-backed |  |  | 26 |  |  |  |  |  | - |  |  | (5) |  |  | - |  |  | 3 |  |  | - |  |  | (9) |  |  | - |  |  | 47 |  |  | (5) |  |  | 57 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 103 |  |  | 2 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | (12) |  |  | 42 |  |  | (68) |  |  | 62 |  |  | -
Perpetual debt and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  |  | 14 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | 11 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 78 |  |  | (4) |  |  | (7) |  |  | 6 |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | (25) |  |  | 3 |  |  | - |  |  | 48 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 6 |  |  | - |  |  | 6 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (7) |  |  | - |  |  | 3 |  |  | (4) |  |  | 4 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 7 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (24) |  |  | 20 |  |  | - |  |  | 2 |  |  | 1
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 125 |  |  | - |  |  | (8) |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | (84) |  |  | 1 |  |  | (14) |  |  | 20 |  |  | 2
Other asset-backed |  |  | 64 |  |  | - |  |  | (7) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (10) |  |  | (2) |  |  | 11 |  |  | (6) |  |  | 50 |  |  | 3
Loans receivable |  |  | 1,881 |  |  | - |  |  | 208 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (211) |  |  | (174) |  |  | - |  |  | - |  |  | 1,704 |  |  | 194
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 1,086 |  |  | - |  |  | 140 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (110) |  |  | - |  |  | - |  |  | - |  |  | 1,116 |  |  | 140
Total assets |  | $ | 3,532 |  | $ | (9) |  | $ | 337 |  | $ | 31 |  | $ | - |  | $ | 65 |  | $ | - |  | $ | (403) |  | $ | (373) |  | $ | 195 |  | $ | (130) |  | $ | 3,245 |  | $ | 347
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 |  | 2014
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 217 |  | $ | - |  | $ | 2 |  | $ | - |  | $ | (17) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 202 |  | $ | (15)
Credit derivatives, net |  |  | 332 |  |  | 24 |  |  | (48) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (24) |  |  | - |  |  | - |  |  | - |  |  | 284 |  |  | (14)
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  |  | 33 |  |  | - |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 38 |  |  | 5
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 802 |  |  | - |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (60) |  |  | - |  |  | - |  |  | - |  |  | 746 |  |  | 4
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 11 |  |  | - |  |  | (3) |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | (4)
Total liabilities |  | $ | 1,395 |  | $ | 24 |  | $ | (40) |  | $ | - |  | $ | (18) |  | $ | - |  | $ | - |  | $ | (84) |  | $ | - |  | $ | - |  | $ | - |  | $ | 1,277 |  | $ | (24)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | 2013
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 188 |  | $ | - |  | $ | 9 |  | $ | - |  | $ | 7 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 204 |  | $ | 17
Credit derivatives, net |  |  | 1,648 |  |  | 28 |  |  | (285) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (28) |  |  | - |  |  | - |  |  | - |  |  | 1,363 |  |  | (285)
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (15)
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 824 |  |  | - |  |  | (6) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (73) |  |  | - |  |  | - |  |  | - |  |  | 745 |  |  | (6)
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 16 |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 15 |  |  | (1)
Total liabilities |  | $ | 2,676 |  | $ | 28 |  | $ | (282) |  | $ | - |  | $ | 6 |  | $ | - |  | $ | - |  | $ | (101) |  | $ | - |  | $ | - |  | $ | - |  | $ | 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 Year |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2014
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 203 |  | $ | - |  | $ | 17 |  | $ | - |  | $ | (18) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 202 |  | $ | (1)
Credit derivatives, net |  |  | 1,147 |  |  | 388 |  |  | (863) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (388) |  |  | - |  |  | - |  |  | - |  |  | 284 |  |  | 20
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | - |  |  | 30 |  |  | 8 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 38 |  |  | 8
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 940 |  |  | - |  |  | 40 |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | (196) |  |  | (41) |  |  | - |  |  | - |  |  | 746 |  |  | 37
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 11 |  |  | - |  |  | (3) |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | (4)
Total liabilities |  | $ | 2,301 |  | $ | 418 |  | $ | (801) |  | $ | - |  | $ | (19) |  | $ | - |  | $ | 3 |  | $ | (584) |  | $ | (41)(2) |  | $ | - |  | $ | - |  | $ | 1,277 |  | $ | 60
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | 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 |  | $ | - |  | $ | 34 |  | $ | - |  | $ | 5 |  | $ | - |  | $ | - |  | $ | - |  | $ |  |  | $ | - |  | $ | - |  | $ | 204 |  | $ | 39
Credit derivatives, net |  |  | 2,921 |  |  | 1,548 |  |  | (1,562) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1,548) |  |  | - |  |  | 4 |  |  | - |  |  | 1,363 |  |  | 301
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | (1) |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | (21)
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | -
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,932 |  |  | - |  |  | 140 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (251) |  |  | (1,076) |  |  | - |  |  | - |  |  | 745 |  |  | 53
Currency derivatives, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
net |  |  | 21 |  |  | - |  |  | (5) |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 15 |  |  | (6)
Total liabilities |  | $ | 5,039 |  | $ | 1,548 |  | $ | (1,391) |  | $ | - |  | $ | 4 |  | $ | - |  | $ | - |  | $ | (1,799) |  | $ | (1,076)(2) |  | $ | 4 |  | $ | (2) |  | $ | 2,327 |  | $ | 366
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 September 30, 2014 |  | Three Months Ended September 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 |  | September 30, |  | Included |  | September 30,
In millions |  | in Earnings |  | 2014 |  | in Earnings |  | 2013
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | 48 |  | $ | 14 |  | $ | 285 |  | $ | 285
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (24) |  |  | - |  |  | (28) |  |  | -
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 9 |  |  | 10 |  |  | (24) |  |  | (1)
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 14 |  |  | 14 |  |  | (11) |  |  | (6)
Total |  | $ | 47 |  | $ | 38 |  | $ | 222 |  | $ | 278
|  |  | Nine Months Ended September 30, 2014 |  | Nine Months Ended September 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 |  | September 30, |  | Included |  | September 30,
In millions |  | in Earnings |  | 2014 |  | in Earnings |  | 2013
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | 863 |  | $ | (20) |  | $ | 1,562 |  | $ | (301)
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (418) |  |  | - |  |  | (1,548) |  |  | -
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (1) |  |  | (3) |  |  | (39) |  |  | (11)
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (12) |  |  | 22 |  |  | 193 |  |  | 293
Total |  | $ | 432 |  | $ | (1) |  | $ | 168 |  | $ | (19)
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions |  | 2014 |  | 2013 |  | 2014 |  | 2013
Investments carried at fair value(1) |  | $ | - |  | $ | 1 |  | $ | 2 |  | $ | 7
Fixed-maturity securities held at fair value-VIE(2) |  |  | (3) |  |  | (37) |  |  | (71) |  |  | (35)
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans(2) |  |  | (45) |  |  | (87) |  |  | (118) |  |  | (16)
| Other loans(2) |  |  | (2) |  |  | - |  |  | (2) |  |  | 13
Loan repurchase commitments(2) |  |  | 1 |  |  | 1 |  |  | 6 |  |  | 140
Medium-term notes(1) |  |  | 15 |  |  | (17) |  |  | 1 |  |  | (39)
Variable interest entity notes (2) |  |  | 87 |  |  | 164 |  |  | 256 |  |  | 85
___________ |  |  |  |  |
(1) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange" on MBIA's consolidated statements of operations.
(2) - Reported within "Net gains (losses) on 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 September 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 |  | $ | 1,636 |  | $ | 1,447 |  | $ | 189 |  | $ | 1,846 |  | $ | 1,562 |  | $ | 284
| Residential mortgage loans (90 days or more past due) |  |  | 236 |  |  | 48 |  |  | 188 |  |  | 231 |  |  | 50 |  |  | 181
| Other loans |  |  | 409 |  |  | 407 |  |  | 2 |  |  | - |  |  | - |  |  | -
Total loans receivable at fair value |  | $ | 2,281 |  | $ | 1,902 |  | $ | 379 |  | $ | 2,077 |  | $ | 1,612 |  | $ | 465
Variable interest entity notes |  | $ | 3,704 |  | $ | 2,463 |  | $ | 1,241 |  | $ | 3,787 |  | $ | 2,356 |  | $ | 1,431
Medium-term notes |  | $ | 253 |  | $ | 202 |  | $ | 51 |  | $ | 276 |  | $ | 203 |  | $ | 73

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -Subparagraph (c)(2),(d),(e) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a),(c)(1),(d)(1) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 + Details
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