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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2015
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
|  |  | December 31, |  |  |  |  |  | (Weighted
In millions |  | 2015 |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,292 |  | Market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 5% (1%)
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |
| Loan repurchase commitments |  |  | 396 |  | Discounted cash flow |  | Recovery rates(1) |  |
|  |  |  |  |  |  |  | Breach rates(1) |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 1,267 |  | Market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 37% (14%)
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |
| CMBS |  |  | 72 |  | BET Model |  | Recovery rates |  | 25% - 90% (66%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 33% - 55% (54%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 1.1 - 3.2 (1.6)
|  |  |  |  |  |  |  | CMBS spreads |  | 0% - 59% (19%)
| Multi-sector CDO |  |  | 3 |  | Direct Price Model |  | Nonperformance risk |  | 59% - 59% (59%)
| Other |  |  | 10 |  | BET Model and Dual Default |  | Recovery rates |  | 42% - 45% (43%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 59% - 59% (59%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.5 - 7.3 (1.9)
Other derivative liabilities |  |  | 18 |  | 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 |  | 2014 |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,431 |  | Market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 10% (2%)
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |
| Loan repurchase commitments |  |  | 379 |  | Discounted cash flow |  | Recovery rates(1) |  |
|  |  |  |  |  |  |  | Breach rates(1) |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 735 |  | Market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 35% (16%)
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |
| CMBS |  |  | 224 |  | BET Model |  | Recovery rates |  | 25% - 90% (59%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 12% - 29% (25%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 1.3 - 3.2 (2.3)
|  |  |  |  |  |  |  | CMBS spreads |  | 0% - 41% (19%)
| Multi-sector CDO |  |  | 9 |  | Direct Price Model |  | Nonperformance risk |  | 53% - 53% (53%)
| Other |  |  | 11 |  | BET Model and Dual Default |  | Recovery rates |  | 42% - 45% (45%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 41% - 51% (50%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.2 - 7.9 (1.1)
Other derivative liabilities |  |  | 24 |  | 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.
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 |  | December 31,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2015
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 866 |  | $ | 110 |  | $ | - |  |  | $ | - |  | $ | 976
| State and municipal bonds |  |  | - |  |  | 1,685 |  |  | 41 | (1) |  |  | - |  |  | 1,726
| Foreign governments |  |  | 153 |  |  | 43 |  |  | 2 | (1) |  |  | - |  |  | 198
| Corporate obligations |  |  | - |  |  | 1,450 |  |  | 7 | (1) |  |  | - |  |  | 1,457
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  | 993 |  |  | - |  |  |  | - |  |  | 993
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 51 |  |  | - |  |  |  | - |  |  | 51
|  | Commercial mortgage-backed |  |  | - |  |  | 31 |  |  | - |  |  |  | - |  |  | 31
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 5 |  |  | 29 | (1) |  |  | - |  |  | 34
|  | Other asset-backed |  |  | - |  |  | 281 |  |  | 38 | (1) |  |  | - |  |  | 319
|  |  | Total fixed-maturity investments |  |  | 1,019 |  |  | 4,649 |  |  | 117 |  |  |  | - |  |  | 5,785
Money market securities |  |  | 354 |  |  | - |  |  | - |  |  |  | - |  |  | 354
Perpetual debt and equity securities |  |  | 18 |  |  | 190 |  |  | - |  |  |  | - |  |  | 208
Cash and cash equivalents |  |  | 464 |  |  | - |  |  | - |  |  |  | - |  |  | 464
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 4 |  |  | - |  |  |  | (1) |  |  | 3
|  |  |  |  |  | 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 |  | 2015
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | - |  |  | 39 |  |  | 11 | (1) |  |  | - |  |  | 50
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 172 |  |  | - |  |  |  | - |  |  | 172
|  | Commercial mortgage-backed |  |  | - |  |  | 672 |  |  | - |  |  |  | - |  |  | 672
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 13 |  |  | 1 | (1) |  |  | - |  |  | 14
|  | Other asset-backed |  |  | - |  |  | 18 |  |  | 6 | (1) |  |  | - |  |  | 24
| Cash |  |  | 58 |  |  | - |  |  | - |  |  |  | - |  |  | 58
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  | - |  |  | 1,185 |  |  |  | - |  |  | 1,185
|  | Other loans receivable |  |  | - |  |  | - |  |  | 107 |  |  |  | - |  |  | 107
| Loan repurchase commitments |  |  | - |  |  | - |  |  | 396 |  |  |  | - |  |  | 396
| Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | - |  |  | - |  |  | 11 | (1) |  |  | - |  |  | 11
Total assets |  | $ | 1,913 |  | $ | 5,757 |  | $ | 1,834 |  |  | $ | (1) |  | $ | 9,503
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  | $ | - |  | $ | 161 | (1) |  | $ | - |  | $ | 161
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | - |  |  | 3 |  |  | 85 |  |  |  | - |  |  | 88
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 240 |  |  | - |  |  |  | (32) |  |  | 208
|  | Other |  |  | - |  |  | - |  |  | 18 |  |  |  | - |  |  | 18
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | - |  |  | 18 |  |  | - |  |  |  | - |  |  | 18
| Securities sold, not yet purchased |  |  | 18 |  |  | - |  |  | - |  |  |  | - |  |  | 18
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 1,095 |  |  | 1,267 |  |  |  | - |  |  | 2,362
| Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 45 |  |  | - |  |  |  | - |  |  | 45
Total liabilities |  | $ | 18 |  | $ | 1,401 |  | $ | 1,531 |  |  | $ | (32) |  | $ | 2,918
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | 2014
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 573 |  | $ | 118 |  | $ | - |  |  | $ | - |  | $ | 691
| State and municipal bonds |  |  | - |  |  | 1,724 |  |  | 8 | (1) |  |  | - |  |  | 1,732
| Foreign governments |  |  | 221 |  |  | 63 |  |  | 6 | (1) |  |  | - |  |  | 290
| Corporate obligations |  |  | - |  |  | 2,048 |  |  | 10 | (1) |  |  | - |  |  | 2,058
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  | 1,162 |  |  | - |  |  |  | - |  |  | 1,162
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 56 |  |  | - |  |  |  | - |  |  | 56
|  | Commercial mortgage-backed |  |  | - |  |  | 20 |  |  | 2 | (1) |  |  | - |  |  | 22
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 6 |  |  | 87 | (1) |  |  | - |  |  | 93
|  | Other asset-backed |  |  | - |  |  | 156 |  |  | 85 | (1) |  |  | - |  |  | 241
|  |  | Total fixed-maturity investments |  |  | 794 |  |  | 5,353 |  |  | 198 |  |  |  | - |  |  | 6,345
Money market securities |  |  | 428 |  |  | - |  |  | - |  |  |  | - |  |  | 428
Perpetual debt and equity securities |  |  | 22 |  |  | 31 |  |  | - |  |  |  | - |  |  | 53
Cash and cash equivalents |  |  | 729 |  |  | - |  |  | - |  |  |  | - |  |  | 729
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 83 |  |  | - |  |  |  | (81) |  |  | 2
Assets held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity securities |  |  | 6 |  |  | - |  |  | - |  |  |  | - |  |  | 6
| Loans receivable at fair value |  |  | - |  |  | 711 |  |  | - |  |  |  | - |  |  | 711
| Cash and cash equivalents |  |  | 55 |  |  | - |  |  | - |  |  |  | - |  |  | 55
|  |  |  |  |  | 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 |  | 2014
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | - |  |  | 10 |  |  | 55 | (1) |  |  | - |  |  | 65
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 194 |  |  | 3 | (1) |  |  | - |  |  | 197
|  | Commercial mortgage-backed |  |  | - |  |  | 86 |  |  | - |  |  |  | - |  |  | 86
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 7 |  |  | 5 | (1) |  |  | - |  |  | 12
|  | Other asset-backed |  |  | - |  |  | 35 |  |  | 26 | (1) |  |  | - |  |  | 61
| Cash |  |  | 53 |  |  | - |  |  | - |  |  |  | - |  |  | 53
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  | - |  |  | 1,431 |  |  |  | - |  |  | 1,431
| Loan repurchase commitments |  |  | - |  |  | - |  |  | 379 |  |  |  | - |  |  | 379
Total assets |  | $ | 2,087 |  | $ | 6,510 |  | $ | 2,097 |  |  | $ | (81) |  | $ | 10,613
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  | $ | - |  | $ | 197 | (1) |  | $ | - |  | $ | 197
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | - |  |  | 2 |  |  | 244 |  |  |  | - |  |  | 246
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 248 |  |  | - |  |  |  | (81) |  |  | 167
|  | Other |  |  | - |  |  | - |  |  | 24 |  |  |  | - |  |  | 24
Liabilities held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 431 |  |  | - |  |  |  | - |  |  | 431
| Payable for loans purchased |  |  | - |  |  | 323 |  |  | - |  |  |  | - |  |  | 323
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | - |  |  | 28 |  |  | - |  |  |  | - |  |  | 28
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 1,312 |  |  | 735 |  |  |  | - |  |  | 2,047
Total liabilities |  | $ | - |  | $ | 2,344 |  | $ | 1,200 |  |  | $ | (81) |  | $ | 3,463
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | December 31, |  | December 31, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2015 |  | 2015 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  | $ | - |  | $ | 3 |  | $ | 3 |  | $ | 3 |
| Accrued investment income(1) |  |  | - |  |  | 38 |  |  | - |  |  | 38 |  |  | 38 |
| Receivable for investments sold(1) |  |  | - |  |  | 26 |  |  | - |  |  | 26 |  |  | 26 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | - |  |  | - |  |  | 2,401 |  |  | 2,401 |  |  | 2,689 |
Total assets |  | $ | - |  | $ | 64 |  | $ | 2,404 |  | $ | 2,468 |  | $ | 2,756 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  | $ | 762 |  | $ | - |  | $ | 762 |  | $ | 1,908 |
| Medium-term notes |  |  | - |  |  | - |  |  | 534 |  |  | 534 |  |  | 855 |
| Investment agreements |  |  | - |  |  | - |  |  | 595 |  |  | 595 |  |  | 462 |
| Payable for investments purchased(2) |  |  | - |  |  | 36 |  |  | - |  |  | 36 |  |  | 36 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | - |  |  | 2,596 |  |  | 2,596 |  |  | 2,689 |
Total liabilities |  | $ | - |  | $ | 798 |  | $ | 3,725 |  | $ | 4,523 |  | $ | 5,950 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | - |  | $ | - |  | $ | 3,093 |  | $ | 3,093 |  | $ | 1,530 |
| Ceded |  |  | - |  |  | - |  |  | 94 |  |  | 94 |  |  | 56 |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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) |  | 2014 |  | 2014
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  | $ | - |  | $ | 4 |  | $ | 4 |  | $ | 4
| Accrued investment income(1) |  |  | - |  |  | 43 |  |  | - |  |  | 43 |  |  | 43
| Receivable for investments sold(1) |  |  | - |  |  | 69 |  |  | - |  |  | 69 |  |  | 69
Assets held for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Facility |  |  | - |  |  | 26 |  |  | - |  |  | 26 |  |  | 26
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | - |  |  | - |  |  | 2,632 |  |  | 2,632 |  |  | 2,757
Total assets |  | $ | - |  | $ | 138 |  | $ | 2,636 |  | $ | 2,774 |  | $ | 2,899
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  | $ | 1,172 |  | $ | - |  | $ | 1,172 |  | $ | 1,810
| Medium-term notes |  |  | - |  |  | - |  |  | 801 |  |  | 801 |  |  | 1,004
| Investment agreements |  |  | - |  |  | - |  |  | 705 |  |  | 705 |  |  | 547
| Payable for investments purchased(2) |  |  | - |  |  | 42 |  |  | - |  |  | 42 |  |  | 42
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | - |  |  | 2,779 |  |  | 2,779 |  |  | 2,757
Total liabilities |  | $ | - |  | $ | 1,214 |  | $ | 4,285 |  | $ | 5,499 |  | $ | 6,160
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | - |  | $ | - |  | $ | 4,051 |  | $ | 4,051 |  | $ | 1,959
| Ceded |  |  | - |  |  | - |  |  | 109 |  |  | 109 |  |  | 65
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 Year Ended December 31, 2015
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  | December 31,
In millions |  | of Year |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2015
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 6 |  | $ | - |  | $ | - |  | $ | - |  | $ | (1) |  | $ | - |  | $ | - |  | $ | - |  | $ | (3) |  | $ | - |  | $ | - |  | $ | 2 |  | $ | -
Corporate obligations |  |  | 10 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 20 |  |  | (23) |  |  | 7 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (2) |  |  | - |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 87 |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | (50) |  |  | (8) |  |  | 1 |  |  | (4) |  |  | 29 |  |  | -
Other asset-backed |  |  | 85 |  |  | (2) |  |  | - |  |  | (5) |  |  | - |  |  | 4 |  |  | - |  |  | (9) |  |  | (21) |  |  | 12 |  |  | (26) |  |  | 38 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 8 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 45 |  |  | - |  |  | (10) |  |  | - |  |  | - |  |  | (2) |  |  | 41 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 55 |  |  | - |  |  | (4) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | - |  |  | 6 |  |  | (41) |  |  | 11 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 3 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 2 |  |  | (5) |  |  | - |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 5 |  |  | - |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 1 |  |  | (9) |  |  | 1 |  |  | -
Other asset-backed |  |  | 26 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (9) |  |  | - |  |  | 1 |  |  | (14) |  |  | 6 |  |  | -
Loans receivable- residential |  |  | 1,431 |  |  | - |  |  | (13) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (233) |  |  | - |  |  | - |  |  | - |  |  | 1,185 |  |  | (13)
Loans receivable-other |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | 108 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 107 |  |  | (1)
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 379 |  |  | - |  |  | 17 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 396 |  |  | 17
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives net |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  | 7 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 11 |  |  | 11
Total assets |  | $ | 2,097 |  | $ | (2) |  | $ | 11 |  | $ | (2) |  | $ | 6 |  | $ | 157 |  | $ | - |  | $ | (318) |  | $ | (32) |  | $ | 43 |  | $ | (126) |  | $ | 1,834 |  | $ | 14
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 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 |  | December 31,
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 |  |  | 2 |  |  | 3 |  |  | (3) |  |  | (1) |  |  | 10 |  |  | - |  |  | (7) |  |  | (48) |  |  | 7 |  |  | (1) |  |  | 10 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed agency |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (8) |  |  | - |  |  | 37 |  |  | (29) |  |  | - |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 6 |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | - |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 14 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (14) |  |  | - |  |  | 3 |  |  | (1) |  |  | 2 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 82 |  |  | (2) |  |  | 1 |  |  | 28 |  |  | - |  |  | 5 |  |  | - |  |  | (15) |  |  | (41) |  |  | 36 |  |  | (7) |  |  | 87 |  |  | -
Other asset-backed |  |  | 58 |  |  |  |  |  | - |  |  | 4 |  |  | - |  |  | 11 |  |  | - |  |  | (12) |  |  | (1) |  |  | 52 |  |  | (27) |  |  | 85 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 19 |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | (4) |  |  | 46 |  |  | (52) |  |  | 8 |  |  | -
Perpetual debt and equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  |  | 11 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (13) |  |  | 4 |  |  | (4) |  |  | - |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 48 |  |  | - |  |  | (10) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | (3) |  |  | 25 |  |  | - |  |  | 55 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 4 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 2 |  |  | (1) |  |  | 3 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 3 |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 22 |  |  | - |  |  | (10) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | - |  |  | 1 |  |  | (3) |  |  | 5 |  |  | 1
Other asset-backed |  |  | 54 |  |  | - |  |  | (26) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (10) |  |  | - |  |  | 18 |  |  | (10) |  |  | 26 |  |  | (9)
Loans receivable |  |  | 1,612 |  |  | - |  |  | 39 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (220) |  |  | - |  |  | - |  |  | - |  |  | 1,431 |  |  | 39
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 359 |  |  | - |  |  | 20 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 379 |  |  | 20
Total assets |  | $ | 2,352 |  | $ | - |  | $ | 15 |  | $ | 31 |  | $ | (1) |  | $ | 26 |  | $ | - |  | $ | (316) |  | $ | (110) |  | $ | 240 |  | $ | (140) |  | $ | 2,097 |  | $ | 51
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 |  | December 31,
In millions |  | of Year |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2015
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 197 |  | $ | - |  | $ | (16) |  | $ | - |  | $ | (20) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 161 |  | $ | (36)
Credit derivatives, net |  |  | 244 |  |  | 28 |  |  | (159) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (28) |  |  | - |  |  | - |  |  | - |  |  | 85 |  |  | (145)
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 24 |  |  | - |  |  | (6) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 18 |  |  | (6)
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 735 |  |  | - |  |  | (5) |  |  | - |  |  | - |  |  | 695 |  |  | - |  |  | (158) |  |  | - |  |  | - |  |  | - |  |  | 1,267 |  |  | (5)
Total liabilities |  | $ | 1,200 |  | $ | 28 |  | $ | (186) |  | $ | - |  | $ | (20) |  | $ | 695 |  | $ | - |  | $ | (186) |  | $ | - |  | $ | - |  | $ | - |  | $ | 1,531 |  | $ | (192)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | December 31,
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 |  | $ | - |  | $ | 20 |  | $ | - |  | $ | (26) |  | $ | - |  | $ | - |  | $ | - |  | $ |  |  | $ | - |  | $ | - |  | $ | 197 |  | $ | (6)
Credit derivatives, net |  |  | 1,147 |  |  | 415 |  |  | (903) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (415) |  |  | - |  |  | - |  |  | - |  |  | 244 |  |  | (20)
Other derivatives, net |  |  | - |  |  | 30 |  |  | (6) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 24 |  |  | (6)
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 940 |  |  | - |  |  | 46 |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | (211) |  |  | (43) |  |  | - |  |  | - |  |  | 735 |  |  | 42
Currency derivatives, net |  |  | 11 |  |  | - |  |  | (5) |  |  | - |  |  | (6) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (11)
Total liabilities |  | $ | 2,301 |  | $ | 445 |  | $ | (848) |  | $ | - |  | $ | (32) |  | $ | - |  | $ | 3 |  | $ | (626) |  | $ | (43)(2) |  | $ | - |  | $ | - |  | $ | 1,200 |  | $ | (1)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |
|  |  |  |  | Change in Unrealized Gains (Losses)
|  |  |  |  |  |  |  |  | for the Period Included in Earnings
|  |  | Total Gains (Losses) |  | for Assets and Liabilities still
In millions |  | Included in Earnings |  | held as of December 31,
|  |  | 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | 159 |  | $ | 903 |  | $ | 1,778 |  | $ | 145 |  | $ | 20 |  | $ | (87)
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (28) |  |  | (445) |  |  | (1,548) |  |  | - |  |  | - |  |  | -
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 39 |  |  | 18 |  |  | (37) |  |  | 42 |  |  | 12 |  |  | (12)
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 23 |  |  | (32) |  |  | 160 |  |  | 19 |  |  | 20 |  |  | 260
Total |  | $ | 193 |  | $ | 444 |  | $ | 353 |  | $ | 206 |  | $ | 52 |  | $ | 161
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  |  |  | Years Ended December 31, |
| In millions |  | 2015 |  | 2014 |  | 2013 |
| Investments carried at fair value(1) |  | $ | (3) |  | $ | 2 |  | $ | 8 |
| Fixed-maturity securities held at fair value-VIE(2) |  |  | (146) |  |  | (104) |  |  | (74) |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage loans(2) |  |  | (246) |  |  | (182) |  |  | (107) |
|  | Other loans(2) |  |  | - |  |  | 10 |  |  | 13 |
| Loan repurchase commitments(2) |  |  | 17 |  |  | 20 |  |  | 172 |
| Medium-term notes(1) |  |  | 36 |  |  | 6 |  |  | 38 |
| Variable interest entity notes (2) |  |  | 381 |  |  | 269 |  |  | 155 |
| ___________ |  |  |  |  |  |  |  |  |
| (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 December 31, 2015 |  |  | As of December 31, 2014
|  |  | Contractual |  |  |  |  |  |  |  | Contractual |  |  |  |  |  |
|  |  | Outstanding |  | Fair |  |  |  |  | Outstanding |  | Fair |  |  |
In millions |  | Principal |  | Value |  | Difference |  | Principal |  | Value |  | Difference
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans |  | $ | 1,260 |  | $ | 1,149 |  | $ | 111 |  | $ | 1,554 |  | $ | 1,377 |  | $ | 177
| Residential mortgage loans (90 days or more past due) |  |  | 177 |  |  | 36 |  |  | 141 |  |  | 227 |  |  | 54 |  |  | 173
| Other loans |  |  | 107 |  |  | 107 |  |  | - |  |  | 721 |  |  | 711 |  |  | 10
| Other loans (90 days or more past due) |  |  | 75 |  |  | - |  |  | 75 |  |  | - |  |  | - |  |  | -
Total loans receivable at fair value |  | $ | 1,619 |  | $ | 1,292 |  | $ | 327 |  | $ | 2,502 |  | $ | 2,142 |  | $ | 360
Variable interest entity notes |  | $ | 3,663 |  | $ | 2,362 |  | $ | 1,301 |  | $ | 3,584 |  | $ | 2,479 |  | $ | 1,105
Medium-term notes |  | $ | 217 |  | $ | 161 |  | $ | 56 |  | $ | 242 |  | $ | 197 |  | $ | 45

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