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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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
|  |  | June 30, |  |  |  |  |  | (Weighted
In millions |  | 2016 |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 1,045 |  | Market prices adjusted for financial |  | Impact of financial guarantee |  | 0% - 26% (2%)
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |
|  |  |  |  |  | Discounted cash flow |  | Multiples(1) |  |
| Loan repurchase commitments |  |  | 401 |  | Discounted cash flow |  | Recovery rates(2) |  |
|  |  |  |  |  |  |  | Breach rates(2) |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 523 |  | Market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 52% (23%)
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |
Credit derivative liabilities, net: |  |  |  |  |  |  |  |  |
| CMBS |  |  | 92 |  | BET Model |  | Recovery rates |  | 25% - 90% (57%)
|  |  |  |  |  |  |  | Nonperformance risk |  | 22% - 37% (37%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 0.9 - 3.3 (1.7)
|  |  |  |  |  |  |  | CMBS spreads |  | 0% - 57% (28%)
| Multi-sector CDO |  |  | 4 |  | Direct Price Model |  | Nonperformance risk |  | 58% - 58% (58%)
| Other |  |  | 8 |  | BET Model and Dual Default |  | Nonperformance risk |  | 52% - 56% (55%)
|  |  |  |  |  |  |  | Weighted average life (in years) |  | 5.9 - 6.9 (6.3)
Other derivative liabilities |  |  | 21 |  | 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 |  | June 30,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2016
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 954 |  | $ | 119 |  | $ | - |  |  | $ | - |  | $ | 1,073
| State and municipal bonds |  |  | - |  |  | 1,615 |  |  | 124 | (1) |  |  | - |  |  | 1,739
| Foreign governments |  |  | 147 |  |  | 37 |  |  | 7 | (1) |  |  | - |  |  | 191
| Corporate obligations |  |  | - |  |  | 1,652 |  |  | 2 | (1) |  |  | - |  |  | 1,654
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  | 963 |  |  | - |  |  |  | - |  |  | 963
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 45 |  |  | - |  |  |  | - |  |  | 45
|  | Commercial mortgage-backed |  |  | - |  |  | 37 |  |  | - |  |  |  | - |  |  | 37
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 8 |  |  | 20 | (1) |  |  | - |  |  | 28
|  | Other asset-backed |  |  | - |  |  | 362 |  |  | 41 | (1) |  |  | - |  |  | 403
|  |  | Total fixed-maturity investments |  |  | 1,101 |  |  | 4,838 |  |  | 194 |  |  |  | - |  |  | 6,133
Money market securities |  |  | 82 |  |  | - |  |  | - |  |  |  | - |  |  | 82
Perpetual debt and equity securities |  |  | 20 |  |  | 15 |  |  | - |  |  |  | - |  |  | 35
Cash and cash equivalents |  |  | 568 |  |  | - |  |  | - |  |  |  | - |  |  | 568
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 3 |  |  | - |  |  |  | - |  |  | 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 |  | June 30,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2016
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | - |  |  | 34 |  |  | 3 | (1) |  |  | - |  |  | 37
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 156 |  |  | 1 | (1) |  |  | - |  |  | 157
|  | Commercial mortgage-backed |  |  | 2 |  |  | 52 |  |  | 2 | (1) |  |  | - |  |  | 56
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 12 |  |  | 1 | (1) |  |  | - |  |  | 13
|  | Other asset-backed |  |  | - |  |  | 14 |  |  | 4 | (1) |  |  | - |  |  | 18
| Cash |  |  | 37 |  |  | - |  |  | - |  |  |  | - |  |  | 37
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  | - |  |  | 1,045 |  |  |  | - |  |  | 1,045
|  | Other loans receivable |  |  | - |  |  | - |  |  | 147 | (1) |  |  | - |  |  | 147
| Loan repurchase commitments |  |  | - |  |  | - |  |  | 401 |  |  |  | - |  |  | 401
| Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | - |  |  | - |  |  | 9 | (1) |  |  | - |  |  | 9
Total assets |  | $ | 1,810 |  | $ | 5,124 |  | $ | 1,807 |  |  | $ | - |  | $ | 8,741
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  | $ | - |  | $ | 161 | (1) |  | $ | - |  | $ | 161
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | - |  |  | 2 |  |  | 104 |  |  |  | - |  |  | 106
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 304 |  |  | - |  |  |  | (53) |  |  | 251
|  | Other |  |  | - |  |  | - |  |  | 21 |  |  |  | - |  |  | 21
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Warrants |  |  | - |  |  | 13 |  |  | - |  |  |  | - |  |  | 13
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 980 |  |  | 523 |  |  |  | - |  |  | 1,503
Total liabilities |  | $ | - |  | $ | 1,299 |  | $ | 809 |  |  | $ | (53) |  | $ | 2,055
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | June 30, |  | June 30, |
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) |  |  | - |  |  | 110 |  |  | - |  |  | 110 |  |  | 110 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | - |  |  | - |  |  | 509 |  |  | 509 |  |  | 890 |
Total assets |  | $ | - |  | $ | 149 |  | $ | 513 |  | $ | 662 |  | $ | 1,043 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  | $ | 930 |  | $ | - |  | $ | 930 |  | $ | 1,945 |
| Medium-term notes |  |  | - |  |  | - |  |  | 490 |  |  | 490 |  |  | 830 |
| Investment agreements |  |  | - |  |  | - |  |  | 587 |  |  | 587 |  |  | 424 |
| Payable for investments purchased(2) |  |  | - |  |  | 149 |  |  | - |  |  | 149 |  |  | 149 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | - |  |  | 755 |  |  | 755 |  |  | 890 |
Total liabilities |  | $ | - |  | $ | 1,079 |  | $ | 1,832 |  | $ | 2,911 |  | $ | 4,238 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross |  | $ | - |  | $ | - |  | $ | 3,233 |  | $ | 3,233 |  | $ | 1,599 |
| Ceded |  |  | - |  |  | - |  |  | 108 |  |  | 108 |  |  | 53 |
__________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 June 30, 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 |  | June 30,
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 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 5 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 7 |  | $ | -
Corporate obligations |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 26 |  |  | - |  |  | - |  |  | 17 |  |  | - |  |  | - |  |  | - |  |  | (23) |  |  | - |  |  | - |  |  | - |  |  | 20 |  |  | -
Other asset-backed |  |  | 39 |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 41 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 121 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 124 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | 3 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | 1 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | -
Other asset-backed |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | 4 |  |  | -
Loans receivable- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
residential |  |  | 1,115 |  |  | - |  |  | (16) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (54) |  |  | - |  |  | - |  |  | - |  |  | 1,045 |  |  | (16)
Loans receivable- other |  |  | 253 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (107) |  |  | - |  |  | - |  |  | 147 |  |  | 1
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 399 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 401 |  |  | 2
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 5 |  |  | - |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | 4
Total assets |  | $ | 1,850 |  | $ | - |  | $ | (9) |  | $ | 19 |  | $ | - |  | $ | 127 |  | $ | - |  | $ | (77) |  | $ | (107) |  | $ | 4 |  | $ | - |  | $ | 1,807 |  | $ | (9)
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 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 |  | June 30,
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 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (1) |  | $ | - |  | $ | - |  | $ | - |  | $ | 5 |  | $ | -
Corporate obligations |  |  | 10 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 8 |  |  | (10) |  |  | 8 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 74 |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | (9) |  |  | - |  |  | 1 |  |  | - |  |  | 67 |  |  | -
Other asset-backed |  |  | 74 |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | - |  |  | 12 |  |  | - |  |  | 83 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 6 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 53 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | (14) |  |  | 35 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | 5 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | -
Other asset-backed |  |  | 21 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | 17 |  |  | (1)
Loans receivable- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
residential |  |  | 1,372 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (54) |  |  | - |  |  | - |  |  | - |  |  | 1,318 |  |  | -
Loans receivable-other |  |  | 108 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 108 |  |  | -
Loan repurchase commitments |  |  | 385 |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 388 |  |  | 3
Currency derivatives, net |  |  | 5 |  |  | - |  |  | (5) |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | (3)
Total assets |  | $ | 2,122 |  | $ | - |  | $ | (4) |  | $ | 3 |  | $ | 2 |  | $ | - |  | $ | - |  | $ | (76) |  | $ | - |  | $ | 23 |  | $ | (24) |  | $ | 2,046 |  | $ | (1)
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2016
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | Gains / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets
|  |  |  |  |  |  |  | (Losses) |  | Gains / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | (Losses) |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | Gains / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | June 30,
In millions |  | of Year |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2016
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign governments |  | $ | 2 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 5 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 7 |  | $ | -
Corporate obligations |  |  | 7 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | 2 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 29 |  |  | - |  |  | - |  |  | 18 |  |  | - |  |  | - |  |  | - |  |  | (27) |  |  | - |  |  | - |  |  | - |  |  | 20 |  |  | -
Other asset-backed |  |  | 38 |  |  | (1) |  |  | (1) |  |  | 7 |  |  | - |  |  | - |  |  | - |  |  | (2) |  |  | - |  |  | - |  |  | - |  |  | 41 |  |  | (1)
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 41 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 121 |  |  | - |  |  | (38) |  |  | - |  |  | - |  |  | - |  |  | 124 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 11 |  |  | - |  |  | (5) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | (5) |  |  | 3 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | 1 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | 2 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | -
Other asset-backed |  |  | 6 |  |  | - |  |  | (6) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | - |  |  | 4 |  |  | -
Loans receivable- residential |  |  | 1,185 |  |  | - |  |  | (30) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (110) |  |  | - |  |  | - |  |  | - |  |  | 1,045 |  |  | (30)
Loans receivable-other |  |  | 107 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | 146 |  |  | - |  |  | - |  |  | (107) |  |  | - |  |  | - |  |  | 147 |  |  | 1
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 396 |  |  | - |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 401 |  |  | 5
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives net |  |  | 11 |  |  | - |  |  | (2) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 9 |  |  | (2)
Total assets |  | $ | 1,834 |  | $ | (1) |  | $ | (38) |  | $ | 25 |  | $ | - |  | $ | 272 |  | $ | - |  | $ | (177) |  | $ | (107) |  | $ | 9 |  | $ | (10) |  | $ | 1,807 |  | $ | (27)
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 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 |  | June 30,
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) |  | $ | - |  | $ | - |  | $ | - |  | $ | 5 |  | $ | -
Corporate obligations |  |  | 10 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 8 |  |  | (10) |  |  | 8 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | 1 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 87 |  |  | - |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | (14) |  |  | (8) |  |  | 1 |  |  | - |  |  | 67 |  |  | -
Other asset-backed |  |  | 85 |  |  | (2) |  |  | - |  |  | 1 |  |  | - |  |  | 4 |  |  | - |  |  | (7) |  |  | (8) |  |  | 12 |  |  | (2) |  |  | 83 |  |  | -
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  |  | 8 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | (2) |  |  | 5 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 55 |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (5) |  |  | - |  |  | - |  |  | (14) |  |  | 35 |  |  | -
Residential mortgage- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
backed non-agency |  |  | 3 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 2 |  |  | - |  |  | 5 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | -
Other asset-backed |  |  | 26 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | - |  |  | (7) |  |  | 17 |  |  | 2
Loans receivable - residential |  |  | 1,431 |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (110) |  |  | - |  |  | - |  |  | - |  |  | 1,318 |  |  | (3)
Loans receivable - other |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 108 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 108 |  |  | -
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 379 |  |  | - |  |  | 9 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 388 |  |  | 9
Currency derivatives, net |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | 2
Total assets |  | $ | 2,097 |  | $ | (2) |  | $ | 7 |  | $ | 2 |  | $ | 3 |  | $ | 112 |  | $ | - |  | $ | (144) |  | $ | (16) |  | $ | 23 |  | $ | (36) |  | $ | 2,046 |  | $ | 10
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | June 30,
In millions |  | of Period |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2016
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 165 |  | $ | - |  | $ | - |  | $ | - |  | $ | (4) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 161 |  | $ | (4)
Credit derivatives, net |  |  | 99 |  |  | 2 |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (2) |  |  | - |  |  | - |  |  | - |  |  | 104 |  |  | 5
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  |  | 19 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 21 |  |  | 2
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,176 |  |  | - |  |  | (22) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (631) |  |  | - |  |  | - |  |  | 523 |  |  | (22)
Total liabilities |  | $ | 1,459 |  | $ | 2 |  | $ | (15) |  | $ | - |  | $ | (4) |  | $ | - |  | $ | - |  | $ | (2) |  | $ | (631) |  | $ | - |  | $ | - |  | $ | 809 |  | $ | (19)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | June 30,
In millions |  | of Period |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2015
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 180 |  | $ | - |  | $ | (21) |  | $ | - |  | $ | 7 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 166 |  | $ | (14)
Credit derivatives, net |  |  | 207 |  |  | 3 |  |  | (63) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | 144 |  |  | (53)
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 21 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 21 |  |  | -
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,387 |  |  | - |  |  | 13 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (26) |  |  | - |  |  | - |  |  | - |  |  | 1,374 |  |  | 13
Total liabilities |  | $ | 1,795 |  | $ | 3 |  | $ | (71) |  | $ | - |  | $ | 7 |  | $ | - |  | $ | - |  | $ | (29) |  | $ | - |  | $ | - |  | $ | - |  | $ | 1,705 |  | $ | (54)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | June 30,
In millions |  | of Year |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2016
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 161 |  | $ | - |  | $ | (4) |  | $ | - |  | $ | 4 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 161 |  | $ | -
Credit derivatives, net |  |  | 85 |  |  | 16 |  |  | 19 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (16) |  |  | - |  |  | - |  |  | - |  |  | 104 |  |  | 22
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives, net |  |  | 18 |  |  | - |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 21 |  |  | 3
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 1,267 |  |  | - |  |  | (44) |  |  | - |  |  | - |  |  | 9 |  |  | - |  |  | (78) |  |  | (631) |  |  | - |  |  | - |  |  | 523 |  |  | (45)
Total liabilities |  | $ | 1,531 |  | $ | 16 |  | $ | (26) |  | $ | - |  | $ | 4 |  | $ | 9 |  | $ | - |  | $ | (94) |  | $ | (631) |  | $ | - |  | $ | - |  | $ | 809 |  | $ | (20)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | June 30,
In millions |  | of Year |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3 (1) |  | Level 3 (1) |  | Balance |  | 2015
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 197 |  | $ | - |  | $ | (15) |  | $ | - |  | $ | (16) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 166 |  | $ | (31)
Credit derivatives, net |  |  | 244 |  |  | 12 |  |  | (100) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (12) |  |  | - |  |  | - |  |  | - |  |  | 144 |  |  | (88)
Other derivatives, net |  |  | 24 |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 21 |  |  | (3)
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 735 |  |  | - |  |  | 21 |  |  | - |  |  | - |  |  | 695 |  |  | - |  |  | (77) |  |  | - |  |  | - |  |  | - |  |  | 1,374 |  |  | 21
Total liabilities |  | $ | 1,200 |  | $ | 12 |  | $ | (97) |  | $ | - |  | $ | (16) |  | $ | 695 |  | $ | - |  | $ | (89) |  | $ | - |  | $ | - |  | $ | - |  | $ | 1,705 |  | $ | (101)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 June 30, 2016 |  | Three Months Ended June 30, 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 |  | June 30, |  | Included |  | June 30,
In millions |  | in Earnings |  | 2016 |  | in Earnings |  | 2015
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | (5) |  | $ | (5) |  | $ | 63 |  | $ | 53
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (2) |  |  | - |  |  | (3) |  |  | -
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 2 |  |  | 2 |  |  | 14 |  |  | 14
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 13 |  |  | 13 |  |  | (15) |  |  | (14)
Total |  | $ | 8 |  | $ | 10 |  | $ | 59 |  | $ | 53
|  |  | Six Months Ended June 30, 2016 |  | Six Months Ended June 30, 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 |  | June 30, |  | Included |  | June 30,
In millions |  | in Earnings |  | 2016 |  | in Earnings |  | 2015
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | (19) |  | $ | (22) |  | $ | 100 |  | $ | 88
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | (16) |  |  | - |  |  | (12) |  |  | -
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (4) |  |  | (4) |  |  | 32 |  |  | 34
| Net investment losses related to |  |  |  |  |  |  |  |  |  |  |  |
| other-than-temporary impairments |  |  | (1) |  |  | - |  |  | - |  |  | -
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 7 |  |  | 19 |  |  | (11) |  |  | (11)
Total |  | $ | (33) |  | $ | (7) |  | $ | 109 |  | $ | 111
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
In millions |  | 2016 |  | 2015 |  | 2016 |  | 2015
Investments carried at fair value(1) |  | $ | 3 |  | $ | - |  | $ | 6 |  | $ | 1
Fixed-maturity securities held at fair value-VIE(2) |  |  | (13) |  |  | (55) |  |  | (97) |  |  | (73)
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans(2) |  |  | (70) |  |  | (54) |  |  | (140) |  |  | (113)
Loan repurchase commitments(2) |  |  | 2 |  |  | 3 |  |  | 5 |  |  | 9
Medium-term notes(1) |  |  | 4 |  |  | 13 |  |  | - |  |  | 31
Variable interest entity notes (2) |  |  | 71 |  |  | 72 |  |  | 238 |  |  | 162
___________ |  |  |  |  |
(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 June 30, 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 |  | $ | 1,130 |  | $ | 1,022 |  | $ | 108 |  | $ | 1,260 |  | $ | 1,149 |  | $ | 111
| Residential mortgage loans (90 days or more past due) |  |  | 159 |  |  | 23 |  |  | 136 |  |  | 177 |  |  | 36 |  |  | 141
| Other loans |  |  | - |  |  | - |  |  | - |  |  | 107 |  |  | 107 |  |  | -
| Other loans (90 days or more past due) |  |  | 147 |  |  | 147 |  |  | - |  |  | 75 |  |  | - |  |  | 75
Total loans receivable at fair value |  | $ | 1,436 |  | $ | 1,192 |  | $ | 244 |  | $ | 1,619 |  | $ | 1,292 |  | $ | 327
Variable interest entity notes |  | $ | 2,656 |  | $ | 1,503 |  | $ | 1,153 |  | $ | 3,663 |  | $ | 2,362 |  | $ | 1,301
Medium-term notes |  | $ | 222 |  | $ | 161 |  | $ | 61 |  | $ | 217 |  | $ | 161 |  | $ | 56

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: 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=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + 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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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) which are not recognized in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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