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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

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			2017			Valuation Techniques		Unobservable Input		Average)
Assets of consolidated VIEs:
	Loans receivable at fair value		$	1,679		Market prices adjusted for financial		Impact of financial guarantee(1)		-25% - 35% (-2%)
						guarantees provided to VIE obligations
						Multiples of EBITDA		Multiples(2)
	Loan repurchase commitments			407		Discounted cash flow		Recovery rates(3)
								Breach rates(3)
Liabilities of consolidated VIEs:
	Variable interest entity notes			406		Market prices of VIE assets adjusted for		Impact of financial guarantee		0% - 60% (36%)
						financial guarantees provided
Credit derivative liabilities, net:
	CMBS			63		Direct Price Model		Nonperformance risk		54% - 54% (54%)
Other derivative liabilities				4		Discounted cash flow		Cash flows		$0 - $49 ($25)(4)
____________
(1) - Negative percentage represents financial guarantee policies in a receivable position.
(2) - Unobservable inputs are primarily based on comparable companies' EBITDA multiples.
(3) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty.
(4) - Midpoint of cash flows are used for the weighted average.

			Fair Value
			as of							Range
			December 31,							(Weighted
In millions			2016			Valuation Techniques		Unobservable Input		Average)
Assets of consolidated VIEs:
	Loans receivable at fair value		$	916		Market prices adjusted for financial		Impact of financial guarantee		0% - 28% (3%)
						guarantees provided to VIE obligations
						Multiples of EBITDA		Multiples(1)
	Loan repurchase commitments			404		Discounted cash flow		Recovery rates(2)
								Breach rates(2)
Liabilities of consolidated VIEs:
	Variable interest entity notes			476		Market prices of VIE assets		Impact of financial guarantee		0% - 54% (24%)
						adjusted for financial guarantees provided
Credit derivative liabilities, net:
								Recovery rates		25% - 40% (33%)
	CMBS			62		BET Model		Nonperformance risk		10% - 32% (32%)
								Weighted average life (in years)		1.1 - 1.5 (1.3)
								CMBS spreads		25% - 35% (30%)
	Multi-sector CDO			2		Direct Price Model		Nonperformance risk		58% - 58% (58%)
Other derivative liabilities				20		Discounted cash flow		Cash flows		$0 - $83 ($42)(3)
	____________
	(1) - Unobservable inputs are primarily based on comparable companies' EBITDA multiples.
	(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.

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			2017
Assets:
Fixed-maturity investments:
	U.S. Treasury and government agency					$	1,256		$	96		$	-			$	-		$	1,352
	State and municipal bonds						-			858			-				-			858
	Foreign governments						-			10			-				-			10
	Corporate obligations						-			1,338			2	(1)			-			1,340
	Mortgage-backed securities:
		Residential mortgage-backed agency					-			368			-				-			368
		Residential mortgage-backed non-agency					-			32			-				-			32
		Commercial mortgage-backed					-			60			7	(1)			-			67
	Asset-backed securities:
		Collateralized debt obligations					-			118			-				-			118
		Other asset-backed					-			178			5	(1)			-			183
			Total fixed-maturity investments				1,256			3,058			14				-			4,328
Money market securities							180			-			-				-			180
Perpetual debt and equity securities							26			37			-				-			63
Fixed-income fund							-			-			-				-			82	(2)
Cash and cash equivalents							122			-			-				-			122
Derivative assets:
	Non-insured derivative assets:
		Interest rate derivatives					-			2			-				-			2
						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			2017
Assets of consolidated VIEs:
	Corporate obligations						-			19			-				-			19
	Mortgage-backed securities:
		Residential mortgage-backed non-agency					-			108			-				-			108
		Commercial mortgage-backed					-			30			6	(1)			-			36
	Asset-backed securities:
		Collateralized debt obligations					-			8			1	(1)			-			9
		Other asset-backed					-			10			-				-			10
	Cash						24			-			-				-			24
	Loans receivable at fair value:
		Residential loans receivable					-			-			759				-			759
		Corporate loans receivable					-			-			920				-			920
	Loan repurchase commitments						-			-			407				-			407
	Other assets:
		Currency derivatives					-			-			19	(1)			-			19
		Other					-			-			14	(1)			-			14
Total assets						$	1,608		$	3,272		$	2,140			$	-		$	7,102
Liabilities:
Medium-term notes						$	-		$	-		$	115	(1)		$	-		$	115
Derivative liabilities:
	Insured derivatives:
		Credit derivatives					-			2			63				-			65
	Non-insured derivatives:
		Interest rate derivatives					-			193			-				-			193
		Other					-			-			4				-			4
Other liabilities:
	Warrants						-			6			-				-			6
	Other payable						-			-			7	(1)			-			7
Liabilities of consolidated VIEs:
	Variable interest entity notes						-			663			406				-			1,069
Total liabilities						$	-		$	864		$	595			$	-		$	1,459
____________
(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.
(2) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy.

						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			2016
Assets:
Fixed-maturity investments:
	U.S. Treasury and government agency					$	825		$	112		$	-			$	-		$	937
	State and municipal bonds						-			1,440			-				-			1,440
	Foreign governments						-			9			-				-			9
	Corporate obligations						-			1,332			2	(1)			-			1,334
	Mortgage-backed securities:
		Residential mortgage-backed agency					-			868			-				-			868
		Residential mortgage-backed non-agency					-			45			-				-			45
		Commercial mortgage-backed					-			43			-				-			43
	Asset-backed securities:
		Collateralized debt obligations					-			7			15	(1)			-			22
		Other asset-backed					-			257			44	(1)			-			301
			Total fixed-maturity investments				825			4,113			61				-			4,999
Money market securities							521			-			-				-			521
Perpetual debt and equity securities							26			9			-				-			35
Fixed-income fund							-			-			-				-			75	(2)
Cash and cash equivalents							163			-			-				-			163
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			December 31,
In millions						(Level 1)			(Level 2)			(Level 3)				Netting			2016
Assets of consolidated VIEs:
	Corporate obligations						-			27			-				-			27
	Mortgage-backed securities:
		Residential mortgage-backed non-agency					-			149			-				-			149
		Commercial mortgage-backed					-			52			-				-			52
	Asset-backed securities:
		Collateralized debt obligations					-			7			1	(1)			-			8
		Other asset-backed					-			18			1	(1)			-			19
	Cash						24			-			-				-			24
	Loans receivable at fair value:
		Residential loans receivable					-			-			916				-			916
		Corporate loans receivable					-			-			150	(1)			-			150
	Loan repurchase commitments						-			-			404				-			404
	Derivative assets:
		Currency derivatives					-			-			19	(1)			-			19
Total assets						$	1,559		$	4,378		$	1,552			$	-		$	7,564
Liabilities:
Medium-term notes						$	-		$	-		$	101	(1)		$	-		$	101
Derivative liabilities:
	Insured derivatives:
		Credit derivatives					-			2			64				-			66
	Non-insured derivatives:
		Interest rate derivatives					-			213			-				-			213
		Other					-			-			20				-			20
Other liabilities:
	Warrants						-			33			-				-			33
Liabilities of consolidated VIEs:
	Variable interest entity notes						-			875			476				-			1,351
Total liabilities						$	-		$	1,123		$	661			$	-		$	1,784
____________
(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.
(2) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy.

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)			2017			2017
Assets:
	Other investments		$	-		$	2		$	-		$	2		$	2
Assets of consolidated VIEs:
	Investments held-to-maturity			-			-			916			916			890
Total assets			$	-		$	2		$	916		$	918		$	892
Liabilities:
	Long-term debt		$	-		$	1,002		$	-		$	1,002		$	2,121
	Medium-term notes			-			-			406			406			650
	Investment agreements			-			-			433			433			337
Liabilities of consolidated VIEs:
	Variable interest entity notes			-			352			916			1,268			1,220
Total liabilities			$	-		$	1,354		$	1,755		$	3,109		$	4,328
Financial Guarantees:
	Gross		$	-		$	-		$	1,785		$	1,785		$	1,220
	Ceded			-			-			61			61			39

			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)			2016			2016
Assets:
	Other investments		$	-		$	2		$	-		$	2		$	3
	Assets held for sale			-			306			-			306			306
Assets of consolidated VIEs:
	Investments held-to-maturity			-			-			876			876			890
Total assets			$	-		$	308		$	876		$	1,184		$	1,199
Liabilities:
	Long-term debt		$	-		$	1,030		$	-		$	1,030		$	1,986
	Medium-term notes			-			-			478			478			794
	Investment agreements			-			-			508			508			399
Liabilities of consolidated VIEs:
	Variable interest entity notes			-			-			882			882			890
Total liabilities			$	-		$	1,030		$	1,868		$	2,898		$	4,069
Financial Guarantees:
	Gross		$	-		$	-		$	2,638		$	2,638		$	995
	Ceded			-			-			18			18			43

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, 2017
																																						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			2017
Assets:
Corporate obligations			2			-			-			-			-			1			-			-			-			-			(1)			2			-
Commercial
mortgage-backed			-			-			-			-			-			-			-			-			-			14			(7)			7			-
Collateralized debt
obligations			15			-			-			-			-			-			-			(7)			-			-			(8)			-			-
Other asset-backed			44			-			-			2			-			-			-			(41)			-			-			-			5			-
State and municipal
bonds			-			-			-			-			-			-			-			-			-			1			(1)			-			-
Assets of
consolidated VIEs:
Corporate obligations			-			-			-			-			-			-			-			(2)			-			6			(4)			-			-
Commercial
mortgage-backed			-			-			-			-			-			-			-			-			(3)			9			-			6			-
Collateralized debt
obligations			1			-			-			-			-			-			-			-			-			-			-			1			-
Other asset-backed			1			-			-			-			-			-			-			-			-			1			(2)			-			-
Loans receivable-
residential			916			-			79			-			-			-			-			(236)			-			-			-			759			79
Loans receivable-
corporate			150			-			89			-			-			719			-			(38)			-			-			-			920			89
Loan repurchase
commitments			404			-			3			-			-			-			-			-			-			-			-			407			3
Currency
derivatives, net			19			-			2			-			(2)			-			-			-			-			-			-			19			-
Other			-			-			(3)			-			-			17			-			-			-			-			-			14			(3)
Total assets		$	1,552		$	-		$	170		$	2		$	(2)		$	737		$	-		$	(324)		$	(3)		$	31		$	(23)		$	2,140		$	168

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Year Ended December 31, 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			December 31,
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		$	-		$	-		$	-		$	(1)		$	10		$	-		$	(10)		$	-		$	-		$	(1)		$	-		$	-
Corporate obligations			7			-			-			-			-			-			-			-			-			2			(7)			2			-
Commercial
mortgage-backed			-			-			-			-			-			-			-			-			(1)			1			-			-			-
Collateralized debt
obligations			29			-			-			18			-			-			-			(32)			-			-			-			15			-
Other asset-backed			38			(1)			(1)			14			-			-			-			(3)			-			-			(3)			44			(1)
State and municipal
bonds			41			-			-			-			-			122			-			(39)			(1)			2			(125)			-			-
Assets of
consolidated VIEs:
Corporate obligations			11			-			(6)			-			-			-			-			(2)			-			2			(5)			-			-
Residential mortgage-
backed non-agency			-			-			(1)			-			-			-			-			-			-			1			-			-			-
Commercial
mortgage-backed			-			-			(4)			-			-			-			-			-			-			4			-			-			-
Collateralized debt
obligations			1			-			-			-			-			-			-			-			-			-			-			1			-
Other asset-backed			6			-			(7)			-			-			-			-			-			-			5			(3)			1			-
Loans receivable-
residential			1,185			-			(11)			-			-			-			-			(258)			-			-			-			916			(11)
Loans receivable-
corporate			107			-			4			-			-			146			-			-			(107)			-			-			150			4
Loan repurchase
commitments			396			-			8			-			-			-			-			-			-			-			-			404			8
Currency derivatives, net			11			-			2			-			6			-			-			-			-			-			-			19			8
Total assets		$	1,834		$	(1)		$	(16)		$	32		$	5		$	278		$	-		$	(344)		$	(109)		$	17		$	(144)		$	1,552		$	8

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			2017
Liabilities:
Medium-term notes		$	101		$	-		$	(1)		$	-		$	15		$	-		$	-		$	-		$	-		$	-		$	-		$	115		$	14
Credit derivatives, net			64			51			(1)			-			-			-			-			(51)			-			-			-			63			1
Other derivatives, net			20			-			18			-			-			-			-			(34)			-			-			-			4			18
Other payable			-			-			-			-			-			7			-			-			-			-			-			7			-
Liabilities of
consolidated VIEs:
VIE notes			476			-			37			-			-			-			-			(56)			(51)			-			-			406			37
Total liabilities		$	661		$	51		$	53		$	-		$	15		$	7		$	-		$	(141)		$	(51)		$	-		$	-		$	595		$	70
_______________
(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			2016
Liabilities:
Medium-term notes		$	161		$	-		$	(3)		$	-		$	(1)		$	-		$	-		$	(56)		$	-		$	-		$	-		$	101		$	(4)
Credit derivatives, net			85			43			(21)			-			-			-			-			(43)			-			-			-			64			(13)
Other derivatives, net			18			-			2			-			-			-			-			-			-			-			-			20			2
Liabilities of
consolidated VIEs:
VIE notes			1,267			-			(23)			-			-			9			-			(146)			(631)			-			-			476			(23)
Total liabilities		$	1,531		$	43		$	(45)		$	-		$	(1)		$	9		$	-		$	(245)		$	(631)		$	-		$	-		$	661		$	(38)
_______________
(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

												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,
			2017			2016			2015			2017			2016			2015
Revenues:
	Unrealized gains (losses) on
	insured derivatives		$	1		$	21		$	159		$	(1)		$	13		$	145
	Realized gains (losses) and other
	settlements on insured derivatives			(51)			(43)			(28)			-			-			-
	Net gains (losses) on financial instruments
	at fair value and foreign exchange			(32)			1			39			(32)			1			42
	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			131			14			23			131			32			19
Total			$	49		$	(8)		$	193		$	98		$	46		$	206

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

				Years Ended December 31,
	In millions			2017			2016			2015
	Investments carried at fair value(1)			$	8		$	7		$	(3)
	Fixed-maturity securities held at fair value-VIE(2)				(22)			(124)			(146)
	Loans receivable at fair value:
		Residential mortgage loans(2)			(158)			(268)			(246)
		Other loans(2)			52			-			-
	Loan repurchase commitments(2)				3			8			17
	Other(2)				(3)			-			-
	Medium-term notes(1)				(14)			4			36
	Variable interest entity notes (2)				230			383			381
	___________
	(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, 2017										As of December 31, 2016
			Contractual									Contractual
			Outstanding			Fair						Outstanding			Fair
In millions			Principal			Value			Difference			Principal			Value			Difference
Loans receivable at fair value:
	Residential mortgage loans		$	732		$	727		$	5		$	965		$	894		$	71
	Residential mortgage loans (90 days or more past due)			170			32			138			143			22			121
	Corporate loans (90 days or more past due)			1,394			920			474			150			150			-
Total loans receivable at fair value				2,296			1,679			617			1,258			1,066			192
Variable interest entity notes				1,882			1,069			813			2,449			1,351			1,098
Medium-term notes				180			115			65			158			101			57

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