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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

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
			March 31,							(Weighted
In millions			2016			Valuation Techniques		Unobservable Input		Average)
Assets of consolidated VIEs:
	Loans receivable at fair value		$	1,368		Market prices adjusted for financial		Impact of financial guarantee		0% - 6% (2%)
						guarantees provided to VIE obligations
						Discounted cash flow		Multiples(1)
	Loan repurchase commitments			399		Discounted cash flow		Recovery rates(2)
								Breach rates(2)
Liabilities of consolidated VIEs:
	Variable interest entity notes			1,176		Market prices of VIE assets		Impact of financial guarantee		0% - 52% (9%)
						adjusted for financial guarantees provided
Credit derivative liabilities, net:
	CMBS			87		BET Model		Recovery rates		25% - 90% (63%)
								Nonperformance risk		24% - 44% (43%)
								Weighted average life (in years)		1.0 - 3.2 (1.5)
								CMBS spreads		0% - 62% (22%)
	Multi-sector CDO			4		Direct Price Model		Nonperformance risk		57% - 57% (57%)
	Other			8		BET Model and Dual Default		Recovery rates		45% - 45% (45%)
								Nonperformance risk		51% - 57% (57%)
								Weighted average life (in years)		0.3 - 7.1 (1.4)
Other derivative liabilities				19		Discounted cash flow		Cash flows		$0 - $83 ($42)(3)
____________
(1) - Unobservable inputs are not developed by the Company.
(2) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty.
(3) - Midpoint of cash flows are used for the weighted average.

			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.

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			March 31,
In millions						(Level 1)			(Level 2)			(Level 3)				Netting			2016
Assets:
Fixed-maturity investments:
	U.S. Treasury and government agency					$	1,111		$	115		$	-			$	-		$	1,226
	State and municipal bonds						-			1,643			3	(1)			-			1,646
	Foreign governments						149			38			2	(1)			-			189
	Corporate obligations						-			1,588			1	(1)			-			1,589
	Mortgage-backed securities:
		Residential mortgage-backed agency					-			968			-				-			968
		Residential mortgage-backed non-agency					-			49			-				-			49
		Commercial mortgage-backed					-			29			-				-			29
	Asset-backed securities:
		Collateralized debt obligations					-			4			26	(1)			-			30
		Other asset-backed					-			320			39	(1)			-			359
			Total fixed-maturity investments				1,260			4,754			71				-			6,085
Money market securities							207			-			-				-			207
Perpetual debt and equity securities							22			188			-				-			210
Cash and cash equivalents							285			-			-				-			285
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			March 31,
In millions						(Level 1)			(Level 2)			(Level 3)				Netting			2016
Assets of consolidated VIEs:
	Corporate obligations						-			38			1	(1)			-			39
	Mortgage-backed securities:
		Residential mortgage-backed non-agency					-			161			-				-			161
		Commercial mortgage-backed					2			611			2	(1)			-			615
	Asset-backed securities:
		Collateralized debt obligations					-			12			1	(1)			-			13
		Other asset-backed					-			17			3	(1)			-			20
	Cash						47			-			-				-			47
	Loans receivable at fair value:
		Residential loans receivable					-			-			1,115				-			1,115
		Other loans receivable					-			-			253				-			253
	Loan repurchase commitments						-			-			399				-			399
	Derivative assets:
		Currency derivatives					-			-			5	(1)			-			5
Total assets						$	1,823		$	5,785		$	1,850			$	(1)		$	9,457
Liabilities:
Medium-term notes						$	-		$	-		$	165	(1)		$	-		$	165
Derivative liabilities:
	Insured derivatives:
		Credit derivatives					-			3			99				-			102
	Non-insured derivatives:
		Interest rate derivatives					-			282			-				(45)			237
		Other					-			-			19				-			19
Other liabilities:
	Warrants						-			29			-				-			29
	Securities sold, not yet purchased						3			-			-				-			3
Liabilities of consolidated VIEs:
	Variable interest entity notes						-			1,028			1,176				-			2,204
	Derivative liabilities:
		Interest rate derivatives					-			36			-				-			36
Total liabilities						$	3		$	1,378		$	1,459			$	(45)		$	2,795
____________
(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			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 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			March 31,			March 31,
In millions			(Level 1)			(Level 2)			(Level 3)			2016			2016
Assets:
	Other investments		$	-		$	-		$	4		$	4		$	4
	Accrued investment income(1)			-			39			-			39			39
	Receivable for investments sold(1)			-			16			-			16			16
Assets of consolidated VIEs:
	Investments held-to-maturity			-			-			525			525			890
Total assets			$	-		$	55		$	529		$	584		$	949
Liabilities:
	Long-term debt		$	-		$	912		$	-		$	912		$	1,919
	Medium-term notes			-			-			552			552			883
	Investment agreements			-			-			609			609			452
	Payable for investments purchased(2)			-			22			-			22			22
Liabilities of consolidated VIEs:
	Variable interest entity notes			-			-			760			760			890
Total liabilities			$	-		$	934		$	1,921		$	2,855		$	4,166
Financial Guarantees:
	Gross		$	-		$	-		$	3,200		$	3,200		$	1,626
	Ceded			-			-			99			99			55
__________
(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)			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		$	1,889
	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		$	5,931
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.

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 March 31, 2016
																																						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			March 31,
In millions		of Period			(Losses)			Earnings			in OCI			Earnings			Purchases			Issuances			Settlements			Sales			Level 3(1)			Level 3(1)			Balance			2016
Assets:
Foreign governments		$	2		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	2		$	-
Corporate obligations			7			-			-			-			-			-			-			-			-			-			(6)			1			-
Collateralized debt
obligations			29			-			-			-			-			-			-			(3)			-			-			-			26			-
Other asset-backed			38			(1)			(1)			5			-			-			-			(2)			-			-			-			39			(1)
State and municipal
bonds			41			-			-			-			-			-			-			(38)			-			-			-			3			-
Assets of
consolidated VIEs:
Corporate obligations			11			-			(5)			-			-			-			-			-			-			-			(5)			1			-
Commercial
mortgage-backed			-			-			-			-			-			-			-			-			-			2			-			2			-
Collateralized debt
obligations			1			-			-			-			-			-			-			-			-			-			-			1			-
Other asset-backed			6			-			(6)			-			-			-			-			-			-			3			-			3			-
Loans receivable-
residential			1,185			-			(14)			-			-			-			-			(56)			-			-			-			1,115			(14)
Loans receivable- other			107			-			-			-			-			146			-			-			-			-			-			253			-
Loan repurchase
commitments			396			-			3			-			-			-			-			-			-			-			-			399			3
Currency
derivatives, net			11			-			(6)			-			-			-			-			-			-			-			-			5			(6)
Total assets		$	1,834		$	(1)		$	(29)		$	5		$	-		$	146		$	-		$	(99)		$	-		$	5		$	(11)		$	1,850		$	(18)

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 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			March 31,
In millions		of Period			(Losses)			Earnings			in OCI			Earnings			Purchases			Issuances			Settlements			Sales			Level 3(1)			Level 3(1)			Balance			2015
Assets:
Foreign governments		$	6		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	6		$	-
Corporate obligations			10			-			-			-			-			-			-			-			-			-			-			10			-
Commercial
mortgage-backed			2			-			-			-			-			-			-			-			-			-			(1)			1			-
Collateralized debt
obligations			87			-			-			-			-			-			-			(5)			(8)			-			-			74			-
Other asset-backed			85			(2)			-			(1)			-			4			-			(2)			(8)			-			(2)			74			-
State and municipal
bonds			8			-			-			-			-			-			-			-			-			-			(2)			6			-
Assets of
consolidated VIEs:
Corporate obligations			55			-			-			-			-			-			-			(2)			-			-			-			53			-
Residential mortgage-
backed non-agency			3			-			1			-			-			-			-			(1)			-			-			-			3			1
Collateralized debt
obligations			5			-			(1)			-			-			-			-			-			-			-			-			4			-
Other asset-backed			26			-			3			-			-			-			-			(2)			-			-			(6)			21			3
Loans receivable-
residential			1,431			-			(3)			-			-			-			-			(56)			-			-			-			1,372			(3)
Loans receivable-other			-			-			-			-			-			108			-			-			-			-			-			108			-
Loan repurchase commitments			379			-			6			-			-			-			-			-			-			-			-			385			6
Currency derivatives, net			-			-			4			-			1			-			-			-			-			-			-			5			5
Total assets		$	2,097		$	(2)		$	10		$	(1)		$	1		$	112		$	-		$	(68)		$	(16)		$	-		$	(11)		$	2,122		$	12

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			March 31,
In millions		of Period			Losses			Earnings			in OCI			Earnings			Purchases			Issuances			Settlements			Sales			Level 3(1)			Level 3(1)			Balance			2016
Liabilities:
Medium-term notes		$	161		$	-		$	(3)		$	-		$	7		$	-		$	-		$	-		$	-		$	-		$	-		$	165		$	5
Credit derivatives, net			85			14			14			-			-			-			-			(14)			-			-			-			99			16
Other
derivatives			18			-			1			-			-			-			-			-			-			-			-			19			1
Liabilities of
consolidated VIEs:
VIE notes			1,267			-			(22)			-			-			9			-			(78)			-			-			-			1,176			(22)
Total liabilities		$	1,531		$	14		$	(10)		$	-		$	7		$	9		$	-		$	(92)		$	-		$	-		$	-		$	1,459		$	-
_______________
(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			March 31,
In millions		of Period			Losses			Earnings			in OCI			Earnings			Purchases			Issuances			Settlements			Sales			Level 3(1)			Level 3(1)			Balance			2015
Liabilities:
Medium-term notes		$	197		$	-		$	5		$	-		$	(22)		$	-		$	-		$	-		$	-		$	-		$	-		$	180		$	(17)
Credit derivatives, net			244			9			(37)			-			-			-			-			(9)			-			-			-			207			(37)
Other
derivatives, net			24			-			(3)			-			-			-			-			-			-			-			-			21			(3)
Liabilities of
consolidated VIEs:
VIE notes			735			-			8			-			-			695			-			(51)			-			-			-			1,387			8
Total liabilities		$	1,200		$	9		$	(27)		$	-		$	(22)		$	695		$	-		$	(60)		$	-		$	-		$	-		$	1,795		$	(49)
_______________
(1) - Transferred in and out at the end of the period.

Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities

			Three Months Ended March 31, 2016						Three Months Ended March 31, 2015
						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			March 31,			Included			March 31,
In millions			in Earnings			2016			in Earnings			2015
Revenues:
	Unrealized gains (losses) on
	insured derivatives		$	(14)		$	(16)		$	37		$	37
	Realized gains (losses) and other
	settlements on insured derivatives			(14)			-			(9)			-
	Net gains (losses) on financial instruments
	at fair value and foreign exchange			(7)			(7)			18			20
	Revenues of consolidated VIEs:
	Net gains (losses) on financial instruments
	at fair value and foreign exchange			(6)			5			3			4
Total			$	(41)		$	(18)		$	49		$	61

Changes In Fair Value Included In The Company's Consolidated Statements Of Operations

				Three Months Ended March 31,
	In millions			2016				2015
	Investments carried at fair value			$	3	(1)		$	-
	Fixed-maturity securities held at fair value- VIE				(85)	(2)			(17)	(2)
	Loans receivable - Residential mortgage loans				(70)	(2)			(58)	(2)
	Loan repurchase commitments				2	(2)			6	(2)
	Medium-term notes				(5)	(1)			17	(1)
	Variable interest entity notes				166	(2)			89	(2)
	_____________
	(1) - Reported within "Net gains (losses) of financial instruments at fair value and foreign exchange" on MBIA's consolidated statements of operations.
	(2) - Reported within "Net gains (losses) of financial instruments at fair value and foreign exchange-VIE" on MBIA's consolidated statements of operations.

Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding

			As of March 31, 2016										As of December 31, 2015
			Contractual									Contractual
			Outstanding			Fair						Outstanding			Fair
In millions			Principal			Value			Difference			Principal			Value			Difference
Loans receivable at fair value:
	Residential mortgage loans		$	1,197		$	1,080		$	117		$	1,260		$	1,149		$	111
	Residential mortgage loans (90 days or more past due)			176			35			141			177			36			141
	Other loans			107			107			-			107			107			-
	Other loans (90 days or more past due)			146			146			-			75			-			75
Total loans receivable at fair value			$	1,626		$	1,368		$	258		$	1,619		$	1,292		$	327
Variable interest entity notes			$	3,692		$	2,204		$	1,488		$	3,663		$	2,362		$	1,301
Medium-term notes			$	228		$	165		$	63		$	217		$	161		$	56

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