<?xml version="1.0" encoding="UTF-8"?>
<!-- Documents rendered in XBRL format prepared by Certent CDM XBRL Version: 10.3.0.0.15 (4286) using Fujitsu Interstage XWand -->
<!-- Validation status: Passed -->
<linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/instance http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink">
    <roleRef roleURI="http://www.mbia.com/role/ConsolidatedStatementsOfComprehensiveIncomeLoss" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_ConsolidatedStatementsOfComprehensiveIncomeLoss" />
    <roleRef roleURI="http://www.mbia.com/role/DebtPrincipalPaymentsForInvestmentAgreementsMTNsAndVIEObligationsDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_DebtPrincipalPaymentsForInvestmentAgreementsMTNsAndVIEObligationsDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureAccumulatedOtherComprehensiveIncomeChangesInTheComponentsOfAOCIDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_AccumulatedOtherComprehensiveIncomeChangesInTheComponentsOfAOCIDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureDebtAggregateMaturityOfDebtObligationsDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_DebtAggregateMaturityOfDebtObligationsDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureDebtLongTermDebtDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_DebtLongTermDebtDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureDerivativeInstrumentsTotalFairValueOfCompanysDerivativeAssetsAndLiabilitiesByInstrumentAndBalanceSheetLocationBeforeCounterpartyNettingDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_DerivativeInstrumentsTotalFairValueOfCompanysDerivativeAssetsAndLiabilitiesByInstrumentAndBalanceSheetLocationBeforeCounterpartyNettingDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureEarningsPerShareComputationOfBasicAndDilutedEarningsPerShareDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_EarningsPerShareComputationOfBasicAndDilutedEarningsPerShareDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureFairValueOfFinancialInstrumentsFairValueHierarchyTablePresentsTheCompanysAssetsAndLiabilitiesAtFairValueNotRecordedOnTheCompanysConsolidatedBalanceSheetDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_FairValueOfFinancialInstrumentsFairValueHierarchyTablePresentsTheCompanysAssetsAndLiabilitiesAtFairValueNotRecordedOnTheCompanysConsolidatedBalanceSheetDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureFairValueOfFinancialInstrumentsRealizedAndUnrealizedGainsAndLossesIncludedInEarningsPertainingToLevel3AssetsAndLiabilitiesDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_FairValueOfFinancialInstrumentsRealizedAndUnrealizedGainsAndLossesIncludedInEarningsPertainingToLevel3AssetsAndLiabilitiesDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureIncomeTaxesIncomeTaxRateReconciliationDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_IncomeTaxesIncomeTaxRateReconciliationDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureInsuranceInForceSummaryOfComponentsOfFinancialGuaranteeNetPremiumsEarnedIncludingPremiumsAssumedFromAndCededToOtherCompaniesDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_InsuranceInForceSummaryOfComponentsOfFinancialGuaranteeNetPremiumsEarnedIncludingPremiumsAssumedFromAndCededToOtherCompaniesDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureInvestmentsAmortizedCostAndFairValueOfAvailableForSaleAndHeldToMaturityInvestmentPortfoliosDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_InvestmentsAmortizedCostAndFairValueOfAvailableForSaleAndHeldToMaturityInvestmentPortfoliosDetail" />
    <roleRef roleURI="http://www.mbia.com/role/DisclosureInvestmentsDistributionByContractualMaturityOfAvailableForSaleAndHeldToMaturityInvestmentsDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_InvestmentsDistributionByContractualMaturityOfAvailableForSaleAndHeldToMaturityInvestmentsDetail" />
    <roleRef roleURI="http://www.mbia.com/role/InsurancePremiumsUndiscountedFutureAmountOfPremiumsExpectedToBeCollectedAndPeriodWhichThoseCollectionsAreExpectedToOccurDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_InsurancePremiumsUndiscountedFutureAmountOfPremiumsExpectedToBeCollectedAndPeriodWhichThoseCollectionsAreExpectedToOccurDetail" />
    <roleRef roleURI="http://www.mbia.com/role/InsurancePremiumsUnearnedPremiumRevenueBalanceAndFutureExpectedEarningsDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_InsurancePremiumsUnearnedPremiumRevenueBalanceAndFutureExpectedEarningsDetail" />
    <roleRef roleURI="http://www.mbia.com/role/InvestmentsGrossUnrealizedLossesRelatedToAvailableForSaleAndHeldToMaturityInvestmentsDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_InvestmentsGrossUnrealizedLossesRelatedToAvailableForSaleAndHeldToMaturityInvestmentsDetail" />
    <roleRef roleURI="http://www.mbia.com/role/LossAndLossAdjustmentExpenseReservesScheduleOfFinancialGuaranteesAndRelatedClaimLiabilityDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_LossAndLossAdjustmentExpenseReservesScheduleOfFinancialGuaranteesAndRelatedClaimLiabilityDetail" />
    <roleRef roleURI="http://www.mbia.com/role/ScheduleIVReinsuranceDetail" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_ScheduleIVReinsuranceDetail" />
    <roleRef roleURI="http://www.mbia.com/role/StatementConsolidatedBalanceSheets" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_ConsolidatedBalanceSheets" />
    <roleRef roleURI="http://www.mbia.com/role/StatementConsolidatedStatementsOfCashFlows" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_ConsolidatedStatementsOfCashFlows" />
    <roleRef roleURI="http://www.mbia.com/role/StatementConsolidatedStatementsOfOperations" xlink:type="simple" xlink:href="mbi-20180331.xsd#ELRID_ConsolidatedStatementsOfOperations" />
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/StatementConsolidatedBalanceSheets">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_127" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsReceivableAtCarryingValue" xlink:label="Locator_us-gaap_PremiumsReceivableAtCarryingValue_128" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_127" xlink:to="Locator_us-gaap_PremiumsReceivableAtCarryingValue_128" order="10.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_129" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredPolicyAcquisitionCosts" xlink:label="Locator_us-gaap_DeferredPolicyAcquisitionCosts_130" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_129" xlink:to="Locator_us-gaap_DeferredPolicyAcquisitionCosts_130" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_131" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="Locator_us-gaap_PropertyPlantAndEquipmentNet_132" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_131" xlink:to="Locator_us-gaap_PropertyPlantAndEquipmentNet_132" order="14.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_133" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Cash" xlink:label="Locator_us-gaap_Cash_134" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_133" xlink:to="Locator_us-gaap_Cash_134" order="18.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_135" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_136" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_135" xlink:to="Locator_us-gaap_HeldToMaturitySecurities_136" order="19.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_137" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansReceivableFairValueDisclosure" xlink:label="Locator_us-gaap_LoansReceivableFairValueDisclosure_138" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_137" xlink:to="Locator_us-gaap_LoansReceivableFairValueDisclosure_138" order="20.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_139" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_LoanRepurchaseCommitments" xlink:label="Locator_mbi_LoanRepurchaseCommitments_140" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_139" xlink:to="Locator_mbi_LoanRepurchaseCommitments_140" order="21.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_141" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Investments" xlink:label="Locator_us-gaap_Investments_142" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_141" xlink:to="Locator_us-gaap_Investments_142" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Investments" xlink:label="Locator_us-gaap_Investments_155" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral_156" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Investments_155" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesPledgedAsCollateral_156" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Investments" xlink:label="Locator_us-gaap_Investments_157" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherInvestments" xlink:label="Locator_us-gaap_OtherInvestments_158" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Investments_157" xlink:to="Locator_us-gaap_OtherInvestments_158" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Investments" xlink:label="Locator_us-gaap_Investments_159" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesNoncurrent" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesNoncurrent_160" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Investments_159" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesNoncurrent_160" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Investments" xlink:label="Locator_us-gaap_Investments_161" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TradingSecurities" xlink:label="Locator_us-gaap_TradingSecurities_162" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Investments_161" xlink:to="Locator_us-gaap_TradingSecurities_162" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Investments" xlink:label="Locator_us-gaap_Investments_163" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesCurrent" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesCurrent_164" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Investments_163" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesCurrent_164" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_143" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="Locator_us-gaap_CashAndCashEquivalentsAtCarryingValue_144" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_143" xlink:to="Locator_us-gaap_CashAndCashEquivalentsAtCarryingValue_144" order="9.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_145" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssets" xlink:label="Locator_us-gaap_OtherAssets_146" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_145" xlink:to="Locator_us-gaap_OtherAssets_146" order="17.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_147" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:label="Locator_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent_148" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_147" xlink:to="Locator_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent_148" order="15.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_149" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:label="Locator_us-gaap_DeferredTaxAssetsLiabilitiesNet_150" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_149" xlink:to="Locator_us-gaap_DeferredTaxAssetsLiabilitiesNet_150" order="16.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_151" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_InsuranceLossRecoverable" xlink:label="Locator_mbi_InsuranceLossRecoverable_152" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_151" xlink:to="Locator_mbi_InsuranceLossRecoverable_152" order="13.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Assets" xlink:label="Locator_us-gaap_Assets_153" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeAssetsNoncurrent" xlink:label="Locator_us-gaap_DerivativeAssetsNoncurrent_154" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Assets_153" xlink:to="Locator_us-gaap_DerivativeAssetsNoncurrent_154" order="22.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="Locator_us-gaap_LiabilitiesAndStockholdersEquity_165" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="Locator_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_166" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesAndStockholdersEquity_165" xlink:to="Locator_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_166" order="46.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="Locator_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_169" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="Locator_us-gaap_StockholdersEquity_170" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_169" xlink:to="Locator_us-gaap_StockholdersEquity_170" order="44.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="Locator_us-gaap_StockholdersEquity_173" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="Locator_us-gaap_PreferredStockValue_174" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquity_173" xlink:to="Locator_us-gaap_PreferredStockValue_174" order="38.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="Locator_us-gaap_StockholdersEquity_175" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CommonStockValue" xlink:label="Locator_us-gaap_CommonStockValue_176" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquity_175" xlink:to="Locator_us-gaap_CommonStockValue_176" order="39.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="Locator_us-gaap_StockholdersEquity_177" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="Locator_us-gaap_AdditionalPaidInCapital_178" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquity_177" xlink:to="Locator_us-gaap_AdditionalPaidInCapital_178" order="40.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="Locator_us-gaap_StockholdersEquity_179" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="Locator_us-gaap_RetainedEarningsAccumulatedDeficit_180" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquity_179" xlink:to="Locator_us-gaap_RetainedEarningsAccumulatedDeficit_180" order="41.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="Locator_us-gaap_StockholdersEquity_181" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="Locator_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_182" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquity_181" xlink:to="Locator_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_182" order="42.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="Locator_us-gaap_StockholdersEquity_183" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="Locator_us-gaap_TreasuryStockValue_184" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquity_183" xlink:to="Locator_us-gaap_TreasuryStockValue_184" order="43.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="Locator_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_171" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MinorityInterestAmountRepresentedByPreferredStock" xlink:label="Locator_us-gaap_MinorityInterestAmountRepresentedByPreferredStock_172" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_171" xlink:to="Locator_us-gaap_MinorityInterestAmountRepresentedByPreferredStock_172" order="45.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="Locator_us-gaap_LiabilitiesAndStockholdersEquity_167" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_168" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesAndStockholdersEquity_167" xlink:to="Locator_us-gaap_Liabilities_168" order="35.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_185" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnearnedPremiums" xlink:label="Locator_us-gaap_UnearnedPremiums_186" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_185" xlink:to="Locator_us-gaap_UnearnedPremiums_186" order="26.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_187" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayable" xlink:label="Locator_us-gaap_NotesPayable_188" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_187" xlink:to="Locator_us-gaap_NotesPayable_188" order="34.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_189" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MediumTermNotes" xlink:label="Locator_us-gaap_MediumTermNotes_190" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_189" xlink:to="Locator_us-gaap_MediumTermNotes_190" order="29.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_191" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilityForClaimsAndClaimsAdjustmentExpense" xlink:label="Locator_us-gaap_LiabilityForClaimsAndClaimsAdjustmentExpense_192" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_191" xlink:to="Locator_us-gaap_LiabilityForClaimsAndClaimsAdjustmentExpense_192" order="27.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_193" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BorrowingsUnderGuaranteedInvestmentAgreements" xlink:label="Locator_us-gaap_BorrowingsUnderGuaranteedInvestmentAgreements_194" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_193" xlink:to="Locator_us-gaap_BorrowingsUnderGuaranteedInvestmentAgreements_194" order="30.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_195" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="Locator_us-gaap_LongTermDebtNoncurrent_196" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_195" xlink:to="Locator_us-gaap_LongTermDebtNoncurrent_196" order="28.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_197" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeLiabilities" xlink:label="Locator_us-gaap_DerivativeLiabilities_198" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_197" xlink:to="Locator_us-gaap_DerivativeLiabilities_198" order="31.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_199" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherLiabilities" xlink:label="Locator_us-gaap_OtherLiabilities_200" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_199" xlink:to="Locator_us-gaap_OtherLiabilities_200" order="33.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Liabilities" xlink:label="Locator_us-gaap_Liabilities_201" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="Locator_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_202" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Liabilities_201" xlink:to="Locator_us-gaap_LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_202" order="32.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/StatementConsolidatedStatementsOfOperations">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="Locator_us-gaap_NetIncomeLoss_479" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="Locator_us-gaap_IncomeTaxExpenseBenefit_480" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetIncomeLoss_479" xlink:to="Locator_us-gaap_IncomeTaxExpenseBenefit_480" order="28.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="Locator_us-gaap_NetIncomeLoss_481" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="Locator_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_482" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetIncomeLoss_481" xlink:to="Locator_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_482" order="27.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="Locator_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_483" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_484" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_483" xlink:to="Locator_us-gaap_Revenues_484" order="20.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_487" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsEarnedNet" xlink:label="Locator_us-gaap_PremiumsEarnedNet_488" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_487" xlink:to="Locator_us-gaap_PremiumsEarnedNet_488" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsEarnedNet" xlink:label="Locator_us-gaap_PremiumsEarnedNet_503" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsEarnedNetFinancialGuaranteeInsuranceContracts" xlink:label="Locator_us-gaap_PremiumsEarnedNetFinancialGuaranteeInsuranceContracts_504" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_PremiumsEarnedNet_503" xlink:to="Locator_us-gaap_PremiumsEarnedNetFinancialGuaranteeInsuranceContracts_504" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsEarnedNet" xlink:label="Locator_us-gaap_PremiumsEarnedNet_505" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount_506" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_PremiumsEarnedNet_505" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsAcceleratedPremiumRevenueAmount_506" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_489" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_FeesAndReimbursements" xlink:label="Locator_mbi_FeesAndReimbursements_490" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_489" xlink:to="Locator_mbi_FeesAndReimbursements_490" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_491" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="Locator_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_492" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_491" xlink:to="Locator_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_492" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="Locator_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_507" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivatives" xlink:label="Locator_mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivatives_508" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_507" xlink:to="Locator_mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivatives_508" order="10.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="Locator_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_509" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="Locator_us-gaap_UnrealizedGainLossOnDerivatives_510" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_509" xlink:to="Locator_us-gaap_UnrealizedGainLossOnDerivatives_510" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_493" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet" xlink:label="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_494" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_493" xlink:to="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_494" order="17.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet" xlink:label="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_511" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities" xlink:label="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities_512" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_511" xlink:to="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities_512" order="15.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet" xlink:label="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_513" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities" xlink:label="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities_514" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_513" xlink:to="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities_514" order="16.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_495" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetInvestmentIncome" xlink:label="Locator_us-gaap_NetInvestmentIncome_496" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_495" xlink:to="Locator_us-gaap_NetInvestmentIncome_496" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_497" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange" xlink:label="Locator_mbi_NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange_498" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_497" xlink:to="Locator_mbi_NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange_498" order="13.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_499" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="Locator_us-gaap_GainsLossesOnExtinguishmentOfDebt_500" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_499" xlink:to="Locator_us-gaap_GainsLossesOnExtinguishmentOfDebt_500" order="18.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_Revenues" xlink:label="Locator_us-gaap_Revenues_501" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="Locator_us-gaap_OtherIncome_502" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_Revenues_501" xlink:to="Locator_us-gaap_OtherIncome_502" order="19.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="Locator_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_485" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BenefitsLossesAndExpenses" xlink:label="Locator_us-gaap_BenefitsLossesAndExpenses_486" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_485" xlink:to="Locator_us-gaap_BenefitsLossesAndExpenses_486" order="26.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BenefitsLossesAndExpenses" xlink:label="Locator_us-gaap_BenefitsLossesAndExpenses_515" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense" xlink:label="Locator_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense_516" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_BenefitsLossesAndExpenses_515" xlink:to="Locator_us-gaap_DeferredPolicyAcquisitionCostAmortizationExpense_516" order="23.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BenefitsLossesAndExpenses" xlink:label="Locator_us-gaap_BenefitsLossesAndExpenses_517" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PolicyholderBenefitsAndClaimsIncurredNet" xlink:label="Locator_us-gaap_PolicyholderBenefitsAndClaimsIncurredNet_518" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_BenefitsLossesAndExpenses_517" xlink:to="Locator_us-gaap_PolicyholderBenefitsAndClaimsIncurredNet_518" order="22.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BenefitsLossesAndExpenses" xlink:label="Locator_us-gaap_BenefitsLossesAndExpenses_519" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="Locator_us-gaap_OperatingExpenses_520" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_BenefitsLossesAndExpenses_519" xlink:to="Locator_us-gaap_OperatingExpenses_520" order="24.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_BenefitsLossesAndExpenses" xlink:label="Locator_us-gaap_BenefitsLossesAndExpenses_521" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestExpense" xlink:label="Locator_us-gaap_InterestExpense_522" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_BenefitsLossesAndExpenses_521" xlink:to="Locator_us-gaap_InterestExpense_522" order="25.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/ConsolidatedStatementsOfComprehensiveIncomeLoss">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="Locator_us-gaap_ComprehensiveIncomeNetOfTax_711" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="Locator_us-gaap_NetIncomeLoss_712" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_ComprehensiveIncomeNetOfTax_711" xlink:to="Locator_us-gaap_NetIncomeLoss_712" order="1.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="Locator_us-gaap_ComprehensiveIncomeNetOfTax_713" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_714" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_ComprehensiveIncomeNetOfTax_713" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_714" order="31.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_715" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_716" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_715" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_716" order="20.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_731" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax_732" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_731" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax_732" order="18.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_733" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax_734" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_733" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax_734" order="19.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_717" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_718" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_717" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_718" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_735" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax_736" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_735" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax_736" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_737" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_738" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_737" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_738" order="5.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_719" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_720" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_719" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_720" order="9.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_739" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax_740" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_739" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax_740" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_741" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_742" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_741" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_742" order="8.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_721" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax_722" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_721" xlink:to="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax_722" order="13.0" weight="1" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax_743" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesBeforeTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesBeforeTax_744" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax_743" xlink:to="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesBeforeTax_744" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax_745" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesTax_746" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesAfterTax_745" xlink:to="Locator_mbi_OtherComprehensiveIncomeUnrealizedHoldingGainLossArisingDuringPeriodOnSecuritiesWithOtherThanTemporaryImpairmentLossesTax_746" order="12.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_723" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax_724" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_723" xlink:to="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax_724" order="16.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax_747" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesBeforeTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesBeforeTax_748" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax_747" xlink:to="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesBeforeTax_748" order="14.0" weight="1" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax_749" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesTax" xlink:label="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesTax_750" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesNetOfTax_749" xlink:to="Locator_mbi_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleAndForWritedownOfSecuritiesTax_750" order="15.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_725" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_726" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_725" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_726" order="23.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_751" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationBeforeTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationBeforeTax_752" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_751" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationBeforeTax_752" order="21.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_753" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax_754" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_753" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax_754" order="22.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_727" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_728" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_727" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_728" order="27.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_755" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodBeforeTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodBeforeTax_756" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_755" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodBeforeTax_756" order="25.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_757" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax_758" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_757" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax_758" order="26.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_729" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_730" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_729" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_730" order="30.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_759" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionBeforeTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionBeforeTax_760" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_759" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionBeforeTax_760" order="28.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_761" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax_762" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_761" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax_762" order="29.0" weight="-1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/StatementConsolidatedStatementsOfCashFlows">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1103" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInPremiumsReceivable" xlink:label="Locator_us-gaap_IncreaseDecreaseInPremiumsReceivable_1104" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1103" xlink:to="Locator_us-gaap_IncreaseDecreaseInPremiumsReceivable_1104" order="64.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1105" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts" xlink:label="Locator_us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts_1106" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1105" xlink:to="Locator_us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts_1106" order="65.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1107" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInUnearnedPremiums" xlink:label="Locator_us-gaap_IncreaseDecreaseInUnearnedPremiums_1108" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1107" xlink:to="Locator_us-gaap_IncreaseDecreaseInUnearnedPremiums_1108" order="66.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1109" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve" xlink:label="Locator_us-gaap_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve_1110" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1109" xlink:to="Locator_us-gaap_IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve_1110" order="67.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1111" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_IncreaseDecreaseInInsuranceLossRecoverable" xlink:label="Locator_mbi_IncreaseDecreaseInInsuranceLossRecoverable_1112" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1111" xlink:to="Locator_mbi_IncreaseDecreaseInInsuranceLossRecoverable_1112" order="68.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1113" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivativesTotal" xlink:label="Locator_mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivativesTotal_1114" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1113" xlink:to="Locator_mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivativesTotal_1114" order="73.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1115" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="Locator_us-gaap_UnrealizedGainLossOnDerivatives_1116" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1115" xlink:to="Locator_us-gaap_UnrealizedGainLossOnDerivatives_1116" order="74.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1117" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="Locator_us-gaap_ShareBasedCompensation_1118" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1117" xlink:to="Locator_us-gaap_ShareBasedCompensation_1118" order="79.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1119" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="Locator_us-gaap_IncreaseDecreaseInAccruedLiabilities_1120" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1119" xlink:to="Locator_us-gaap_IncreaseDecreaseInAccruedLiabilities_1120" order="70.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1121" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="Locator_us-gaap_IncreaseDecreaseInInterestPayableNet_1122" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1121" xlink:to="Locator_us-gaap_IncreaseDecreaseInInterestPayableNet_1122" order="69.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1123" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_VieInterestNet" xlink:label="Locator_mbi_VieInterestNet_1124" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1123" xlink:to="Locator_mbi_VieInterestNet_1124" order="80.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1125" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="Locator_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_1126" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1125" xlink:to="Locator_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_1126" order="71.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1127" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_NetOtherThanTemporaryImpairments" xlink:label="Locator_mbi_NetOtherThanTemporaryImpairments_1128" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1127" xlink:to="Locator_mbi_NetOtherThanTemporaryImpairments_1128" order="72.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1129" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_IncreaseDecreaseInNetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange" xlink:label="Locator_mbi_IncreaseDecreaseInNetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange_1130" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1129" xlink:to="Locator_mbi_IncreaseDecreaseInNetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange_1130" order="75.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1131" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_IncreaseDecreaseInOtherNetRealizedGainsLosses" xlink:label="Locator_mbi_IncreaseDecreaseInOtherNetRealizedGainsLosses_1132" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1131" xlink:to="Locator_mbi_IncreaseDecreaseInOtherNetRealizedGainsLosses_1132" order="76.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1133" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="Locator_us-gaap_DeferredIncomeTaxExpenseBenefit_1134" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1133" xlink:to="Locator_us-gaap_DeferredIncomeTaxExpenseBenefit_1134" order="77.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1135" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_AdjustmentGainsLossesOnExtinguishmentOfDebt" xlink:label="Locator_mbi_AdjustmentGainsLossesOnExtinguishmentOfDebt_1136" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1135" xlink:to="Locator_mbi_AdjustmentGainsLossesOnExtinguishmentOfDebt_1136" order="78.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1137" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="Locator_us-gaap_OtherNoncashIncomeExpense_1138" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1137" xlink:to="Locator_us-gaap_OtherNoncashIncomeExpense_1138" order="81.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1139" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="Locator_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_1140" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1139" xlink:to="Locator_us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_1140" order="83.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1141" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_EquityInNetIncomeLossOfSubsidiaries" xlink:label="Locator_mbi_EquityInNetIncomeLossOfSubsidiaries_1142" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_1141" xlink:to="Locator_mbi_EquityInNetIncomeLossOfSubsidiaries_1142" order="84.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1143" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1144" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1143" xlink:to="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1144" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1151" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromInsurancePremiumsCollected" xlink:label="Locator_us-gaap_ProceedsFromInsurancePremiumsCollected_1152" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1151" xlink:to="Locator_us-gaap_ProceedsFromInsurancePremiumsCollected_1152" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1153" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_PaymentsForNetRealizedLossesOnInsuredDerivativesPaid" xlink:label="Locator_mbi_PaymentsForNetRealizedLossesOnInsuredDerivativesPaid_1154" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1153" xlink:to="Locator_mbi_PaymentsForNetRealizedLossesOnInsuredDerivativesPaid_1154" order="6.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1155" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_ProceedsFromReinsuranceAndRecoveries" xlink:label="Locator_mbi_ProceedsFromReinsuranceAndRecoveries_1156" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1155" xlink:to="Locator_mbi_ProceedsFromReinsuranceAndRecoveries_1156" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1157" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForLossesAndLossAdjustmentExpense" xlink:label="Locator_us-gaap_PaymentsForLossesAndLossAdjustmentExpense_1158" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1157" xlink:to="Locator_us-gaap_PaymentsForLossesAndLossAdjustmentExpense_1158" order="7.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1159" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="Locator_us-gaap_InterestPaidNet_1160" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1159" xlink:to="Locator_us-gaap_InterestPaidNet_1160" order="10.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1161" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromInterestAndDividendsReceived" xlink:label="Locator_us-gaap_ProceedsFromInterestAndDividendsReceived_1162" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1161" xlink:to="Locator_us-gaap_ProceedsFromInterestAndDividendsReceived_1162" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1163" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForOperatingActivities" xlink:label="Locator_us-gaap_PaymentsForOperatingActivities_1164" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1163" xlink:to="Locator_us-gaap_PaymentsForOperatingActivities_1164" order="9.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1165" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeTaxesPaidNet" xlink:label="Locator_us-gaap_IncomeTaxesPaidNet_1166" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1165" xlink:to="Locator_us-gaap_IncomeTaxesPaidNet_1166" order="11.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1167" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromInsuranceSettlementOperatingActivities" xlink:label="Locator_us-gaap_ProceedsFromInsuranceSettlementOperatingActivities_1168" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1167" xlink:to="Locator_us-gaap_ProceedsFromInsuranceSettlementOperatingActivities_1168" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1169" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromFeesReceived" xlink:label="Locator_us-gaap_ProceedsFromFeesReceived_1170" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInOperatingActivities_1169" xlink:to="Locator_us-gaap_ProceedsFromFeesReceived_1170" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1145" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations" xlink:label="Locator_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_1146" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1145" xlink:to="Locator_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations_1146" order="56.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1147" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1148" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1147" xlink:to="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1148" order="37.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1171" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecurities" xlink:label="Locator_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_1172" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1171" xlink:to="Locator_us-gaap_PaymentsToAcquireAvailableForSaleSecurities_1172" order="14.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1173" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:label="Locator_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities_1174" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1173" xlink:to="Locator_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities_1174" order="15.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1175" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities" xlink:label="Locator_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_1176" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1175" xlink:to="Locator_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities_1176" order="16.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1177" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireTradingSecuritiesHeldforinvestment" xlink:label="Locator_us-gaap_PaymentsToAcquireTradingSecuritiesHeldforinvestment_1178" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1177" xlink:to="Locator_us-gaap_PaymentsToAcquireTradingSecuritiesHeldforinvestment_1178" order="17.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1179" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment" xlink:label="Locator_us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment_1180" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1179" xlink:to="Locator_us-gaap_ProceedsFromSaleOfTradingSecuritiesHeldforinvestment_1180" order="18.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1181" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromShortTermInvestments" xlink:label="Locator_us-gaap_PaymentsForProceedsFromShortTermInvestments_1182" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1181" xlink:to="Locator_us-gaap_PaymentsForProceedsFromShortTermInvestments_1182" order="19.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1183" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireHeldToMaturitySecurities" xlink:label="Locator_us-gaap_PaymentsToAcquireHeldToMaturitySecurities_1184" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1183" xlink:to="Locator_us-gaap_PaymentsToAcquireHeldToMaturitySecurities_1184" order="20.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1185" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities" xlink:label="Locator_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities_1186" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1185" xlink:to="Locator_us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities_1186" order="21.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1187" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireOtherInvestments" xlink:label="Locator_us-gaap_PaymentsToAcquireOtherInvestments_1188" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1187" xlink:to="Locator_us-gaap_PaymentsToAcquireOtherInvestments_1188" order="22.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1189" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments" xlink:label="Locator_us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments_1190" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1189" xlink:to="Locator_us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments_1190" order="23.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1191" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="Locator_us-gaap_PaymentsToAcquireLoansReceivable_1192" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1191" xlink:to="Locator_us-gaap_PaymentsToAcquireLoansReceivable_1192" order="24.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1193" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleAndCollectionOfLoansReceivable" xlink:label="Locator_us-gaap_ProceedsFromSaleAndCollectionOfLoansReceivable_1194" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1193" xlink:to="Locator_us-gaap_ProceedsFromSaleAndCollectionOfLoansReceivable_1194" order="25.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1195" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfOtherAssetsInvestingActivities" xlink:label="Locator_us-gaap_ProceedsFromSaleOfOtherAssetsInvestingActivities_1196" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1195" xlink:to="Locator_us-gaap_ProceedsFromSaleOfOtherAssetsInvestingActivities_1196" order="26.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1197" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:label="Locator_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_1198" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1197" xlink:to="Locator_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_1198" order="27.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1199" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_ProceedsFromConsolidationOfVariableInterestEntity" xlink:label="Locator_mbi_ProceedsFromConsolidationOfVariableInterestEntity_1200" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1199" xlink:to="Locator_mbi_ProceedsFromConsolidationOfVariableInterestEntity_1200" order="28.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1201" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_PaymentsForDeconsolidationOfVariableInterestEntity" xlink:label="Locator_mbi_PaymentsForDeconsolidationOfVariableInterestEntity_1202" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1201" xlink:to="Locator_mbi_PaymentsForDeconsolidationOfVariableInterestEntity_1202" order="29.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1203" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities" xlink:label="Locator_us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities_1204" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1203" xlink:to="Locator_us-gaap_PaymentsForProceedsFromDerivativeInstrumentInvestingActivities_1204" order="30.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1205" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncreaseDecreaseCashCollateralFromCounterparties" xlink:label="Locator_us-gaap_IncreaseDecreaseCashCollateralFromCounterparties_1206" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1205" xlink:to="Locator_us-gaap_IncreaseDecreaseCashCollateralFromCounterparties_1206" order="31.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1207" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="Locator_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_1208" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1207" xlink:to="Locator_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_1208" order="32.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1209" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="Locator_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_1210" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1209" xlink:to="Locator_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_1210" order="33.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1211" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_ContributionsToSubsidiaries" xlink:label="Locator_mbi_ContributionsToSubsidiaries_1212" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1211" xlink:to="Locator_mbi_ContributionsToSubsidiaries_1212" order="34.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1213" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:label="Locator_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_1214" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1213" xlink:to="Locator_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_1214" order="36.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1215" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_AdvancesToSubsidiaries" xlink:label="Locator_mbi_AdvancesToSubsidiaries_1216" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInInvestingActivities_1215" xlink:to="Locator_mbi_AdvancesToSubsidiaries_1216" order="35.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1149" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1150" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_1149" xlink:to="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1150" order="55.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1217" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt" xlink:label="Locator_us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt_1218" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1217" xlink:to="Locator_us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt_1218" order="39.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1219" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfOtherLongTermDebt" xlink:label="Locator_us-gaap_RepaymentsOfOtherLongTermDebt_1220" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1219" xlink:to="Locator_us-gaap_RepaymentsOfOtherLongTermDebt_1220" order="40.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1221" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfMediumTermNotes" xlink:label="Locator_us-gaap_ProceedsFromIssuanceOfMediumTermNotes_1222" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1221" xlink:to="Locator_us-gaap_ProceedsFromIssuanceOfMediumTermNotes_1222" order="41.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1223" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfMediumTermNotes" xlink:label="Locator_us-gaap_RepaymentsOfMediumTermNotes_1224" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1223" xlink:to="Locator_us-gaap_RepaymentsOfMediumTermNotes_1224" order="42.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1225" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromNotesPayable" xlink:label="Locator_us-gaap_ProceedsFromNotesPayable_1226" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1225" xlink:to="Locator_us-gaap_ProceedsFromNotesPayable_1226" order="43.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1227" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfNotesPayable" xlink:label="Locator_us-gaap_RepaymentsOfNotesPayable_1228" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1227" xlink:to="Locator_us-gaap_RepaymentsOfNotesPayable_1228" order="44.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1229" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase" xlink:label="Locator_us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase_1230" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1229" xlink:to="Locator_us-gaap_ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase_1230" order="45.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1231" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="Locator_us-gaap_PaymentsOfDividends_1232" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1231" xlink:to="Locator_us-gaap_PaymentsOfDividends_1232" order="46.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1233" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="Locator_us-gaap_RepaymentsOfLongTermDebt_1234" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1233" xlink:to="Locator_us-gaap_RepaymentsOfLongTermDebt_1234" order="49.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1235" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="Locator_us-gaap_PaymentsForRepurchaseOfCommonStock_1236" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1235" xlink:to="Locator_us-gaap_PaymentsForRepurchaseOfCommonStock_1236" order="50.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1237" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt" xlink:label="Locator_us-gaap_ProceedsFromIssuanceOfDebt_1238" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1237" xlink:to="Locator_us-gaap_ProceedsFromIssuanceOfDebt_1238" order="48.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1239" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PaymentsToMinorityShareholders" xlink:label="Locator_us-gaap_PaymentsToMinorityShareholders_1240" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1239" xlink:to="Locator_us-gaap_PaymentsToMinorityShareholders_1240" order="51.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1241" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromStockPlans" xlink:label="Locator_us-gaap_ProceedsFromStockPlans_1242" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1241" xlink:to="Locator_us-gaap_ProceedsFromStockPlans_1242" order="52.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1243" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="Locator_us-gaap_RepaymentsOfRelatedPartyDebt_1244" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1243" xlink:to="Locator_us-gaap_RepaymentsOfRelatedPartyDebt_1244" order="53.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1245" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:label="Locator_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_1246" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1245" xlink:to="Locator_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_1246" order="54.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1247" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet" xlink:label="Locator_us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_1248" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetCashProvidedByUsedInFinancingActivities_1247" xlink:to="Locator_us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet_1248" order="47.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/LossAndLossAdjustmentExpenseReservesScheduleOfFinancialGuaranteesAndRelatedClaimLiabilityDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_2135" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability_2136" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_2135" xlink:to="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationGrossClaimLiability_2136" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_2137" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries_2138" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_2137" xlink:to="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityGrossPotentialRecoveries_2138" order="9.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_2139" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount_2140" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationNetClaimLiability_2139" xlink:to="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationReductionsOfGrossClaimLiabilityNetDiscount_2140" order="10.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding_2141" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal_2142" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding_2141" xlink:to="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingPrincipal_2142" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding_2143" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest" xlink:label="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest_2144" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstanding_2143" xlink:to="Locator_us-gaap_ScheduleOfInsuredFinancialObligationsWithCreditDeteriorationInsuredContractualPaymentsOutstandingInterest_2144" order="6.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureFairValueOfFinancialInstrumentsFairValueHierarchyTablePresentsTheCompanysAssetsAndLiabilitiesAtFairValueNotRecordedOnTheCompanysConsolidatedBalanceSheetDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2949" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherInvestments" xlink:label="Locator_us-gaap_OtherInvestments_2950" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2949" xlink:to="Locator_us-gaap_OtherInvestments_2950" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2951" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AccruedInvestmentIncomeReceivable" xlink:label="Locator_us-gaap_AccruedInvestmentIncomeReceivable_2952" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2951" xlink:to="Locator_us-gaap_AccruedInvestmentIncomeReceivable_2952" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2953" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_ReceivableForInvestmentsSold" xlink:label="Locator_mbi_ReceivableForInvestmentsSold_2954" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2953" xlink:to="Locator_mbi_ReceivableForInvestmentsSold_2954" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2955" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_2956" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2955" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_2956" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2957" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent" xlink:label="Locator_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent_2958" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AssetsFairValueDisclosureNonrecurring_2957" xlink:to="Locator_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent_2958" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2959" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_GuaranteedInvestmentAgreementsFairValue" xlink:label="Locator_mbi_GuaranteedInvestmentAgreementsFairValue_2960" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2959" xlink:to="Locator_mbi_GuaranteedInvestmentAgreementsFairValue_2960" order="9.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2961" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_MediumTermNotes" xlink:label="Locator_us-gaap_MediumTermNotes_2962" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2961" xlink:to="Locator_us-gaap_MediumTermNotes_2962" order="10.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2963" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="Locator_us-gaap_LongTermDebtFairValue_2964" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2963" xlink:to="Locator_us-gaap_LongTermDebtFairValue_2964" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2965" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_PayableForInvestmentsPurchasedFairValueDisclosure" xlink:label="Locator_mbi_PayableForInvestmentsPurchasedFairValueDisclosure_2966" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2965" xlink:to="Locator_mbi_PayableForInvestmentsPurchasedFairValueDisclosure_2966" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2967" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NotesPayable" xlink:label="Locator_us-gaap_NotesPayable_2968" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2967" xlink:to="Locator_us-gaap_NotesPayable_2968" order="14.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureNonrecurring" xlink:label="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2969" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_Payableforloanspurchased" xlink:label="Locator_mbi_Payableforloanspurchased_2970" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LiabilitiesFairValueDisclosureNonrecurring_2969" xlink:to="Locator_mbi_Payableforloanspurchased_2970" order="15.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureFairValueOfFinancialInstrumentsRealizedAndUnrealizedGainsAndLossesIncludedInEarningsPertainingToLevel3AssetsAndLiabilitiesDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings" xlink:label="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3347" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetInvestmentIncome" xlink:label="Locator_us-gaap_NetInvestmentIncome_3348" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3347" xlink:to="Locator_us-gaap_NetInvestmentIncome_3348" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings" xlink:label="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3349" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="Locator_us-gaap_UnrealizedGainLossOnDerivatives_3350" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3349" xlink:to="Locator_us-gaap_UnrealizedGainLossOnDerivatives_3350" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings" xlink:label="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3351" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivatives" xlink:label="Locator_mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivatives_3352" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3351" xlink:to="Locator_mbi_RealizedGainsLossesAndOtherSettlementsOnInsuredDerivatives_3352" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings" xlink:label="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3353" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange" xlink:label="Locator_mbi_NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange_3354" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3353" xlink:to="Locator_mbi_NetGainsLossesOnFinancialInstrumentsAtFairValueAndForeignExchange_3354" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings" xlink:label="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3355" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet" xlink:label="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_3356" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3355" xlink:to="Locator_us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet_3356" order="7.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings" xlink:label="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3357" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherIncome" xlink:label="Locator_us-gaap_OtherIncome_3358" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FairValueMeasuredOnRecurringBasisGainLossIncludedInEarnings_3357" xlink:to="Locator_us-gaap_OtherIncome_3358" order="6.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureDerivativeInstrumentsTotalFairValueOfCompanysDerivativeAssetsAndLiabilitiesByInstrumentAndBalanceSheetLocationBeforeCounterpartyNettingDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:label="Locator_us-gaap_DerivativeFairValueOfDerivativeAsset_4117" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_DerivativeAssetsDesignatedAsHedgingInstrumentFairValue" xlink:label="Locator_mbi_DerivativeAssetsDesignatedAsHedgingInstrumentFairValue_4118" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DerivativeFairValueOfDerivativeAsset_4117" xlink:to="Locator_mbi_DerivativeAssetsDesignatedAsHedgingInstrumentFairValue_4118" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:label="Locator_us-gaap_DerivativeFairValueOfDerivativeAsset_4119" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_DerivativeAssetsNotDesignatedAsHedgingInstrumentFairValue" xlink:label="Locator_mbi_DerivativeAssetsNotDesignatedAsHedgingInstrumentFairValue_4120" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DerivativeFairValueOfDerivativeAsset_4119" xlink:to="Locator_mbi_DerivativeAssetsNotDesignatedAsHedgingInstrumentFairValue_4120" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:label="Locator_us-gaap_DerivativeFairValueOfDerivativeLiability_4121" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_DerivativeLiabilitiesDesignatedAsHedgingInstrumentFairValue" xlink:label="Locator_mbi_DerivativeLiabilitiesDesignatedAsHedgingInstrumentFairValue_4122" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DerivativeFairValueOfDerivativeLiability_4121" xlink:to="Locator_mbi_DerivativeLiabilitiesDesignatedAsHedgingInstrumentFairValue_4122" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:label="Locator_us-gaap_DerivativeFairValueOfDerivativeLiability_4123" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_DerivativeLiabilitiesNotDesignatedAsHedgingInstrumentFairValue" xlink:label="Locator_mbi_DerivativeLiabilitiesNotDesignatedAsHedgingInstrumentFairValue_4124" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DerivativeFairValueOfDerivativeLiability_4123" xlink:to="Locator_mbi_DerivativeLiabilitiesNotDesignatedAsHedgingInstrumentFairValue_4124" order="7.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureEarningsPerShareComputationOfBasicAndDilutedEarningsPerShareDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_4617" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="Locator_us-gaap_NetIncomeLoss_4618" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_4617" xlink:to="Locator_us-gaap_NetIncomeLoss_4618" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_4619" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:label="Locator_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_4620" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_4619" xlink:to="Locator_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_4620" order="3.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_4621" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="Locator_us-gaap_NetIncomeLoss_4622" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_4621" xlink:to="Locator_us-gaap_NetIncomeLoss_4622" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_4623" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FairValueAdjustmentOfWarrants" xlink:label="Locator_us-gaap_FairValueAdjustmentOfWarrants_4624" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_4623" xlink:to="Locator_us-gaap_FairValueAdjustmentOfWarrants_4624" order="9.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_4625" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted" xlink:label="Locator_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_4626" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_4625" xlink:to="Locator_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted_4626" order="8.0" weight="-1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureIncomeTaxesIncomeTaxRateReconciliationDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4705" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_4706" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4705" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_4706" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4707" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_4708" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4707" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_4708" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4709" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_EffectiveIncomeTaxRateReconciliationMarkToMarketOnWarrants" xlink:label="Locator_mbi_EffectiveIncomeTaxRateReconciliationMarkToMarketOnWarrants_4710" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4709" xlink:to="Locator_mbi_EffectiveIncomeTaxRateReconciliationMarkToMarketOnWarrants_4710" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4711" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_4712" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4711" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_4712" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4713" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_EffectiveIncomeTaxrateReconciliationUncertainTaxPositions" xlink:label="Locator_mbi_EffectiveIncomeTaxrateReconciliationUncertainTaxPositions_4714" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4713" xlink:to="Locator_mbi_EffectiveIncomeTaxrateReconciliationUncertainTaxPositions_4714" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4715" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_4716" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4715" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_4716" order="9.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4717" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_EffectiveIncomeTaxRateReconciliationDeferredTaxInventoryAdjustment" xlink:label="Locator_mbi_EffectiveIncomeTaxRateReconciliationDeferredTaxInventoryAdjustment_4718" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4717" xlink:to="Locator_mbi_EffectiveIncomeTaxRateReconciliationDeferredTaxInventoryAdjustment_4718" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4719" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_4720" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4719" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_4720" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4721" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_4722" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4721" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_4722" order="15.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4723" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes_4724" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4723" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes_4724" order="10.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4725" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings_4726" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4725" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings_4726" order="14.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4727" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_4728" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4727" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_4728" order="13.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4729" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" xlink:label="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_4730" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_EffectiveIncomeTaxRateContinuingOperations_4729" xlink:to="Locator_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_4730" order="4.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureInvestmentsAmortizedCostAndFairValueOfAvailableForSaleAndHeldToMaturityInvestmentPortfoliosDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4769" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_4770" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4769" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_4770" order="11.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4771" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_4772" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4771" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_4772" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4773" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4774" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4773" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4774" order="13.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesAmortizedCost_4763" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_4764" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesAmortizedCost_4763" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_4764" order="5.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesAmortizedCost_4765" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_4766" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesAmortizedCost_4765" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_4766" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesAmortizedCost_4767" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="Locator_us-gaap_AvailableForSaleSecurities_4768" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesAmortizedCost_4767" xlink:to="Locator_us-gaap_AvailableForSaleSecurities_4768" order="7.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureInvestmentsDistributionByContractualMaturityOfAvailableForSaleAndHeldToMaturityInvestmentsDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4947" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue_4948" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4947" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue_4948" order="27.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4949" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue_4950" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4949" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue_4950" order="23.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4951" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue_4952" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4951" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue_4952" order="24.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4953" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenFairValue_4954" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4953" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingYearSixThroughTenFairValue_4954" order="25.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4955" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingAfterTenYearsFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingAfterTenYearsFairValue_4956" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesFairValue_4955" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesRollingAfterTenYearsFairValue_4956" order="26.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4937" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount_4938" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4937" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount_4938" order="17.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4939" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount_4940" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4939" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount_4940" order="18.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4941" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount_4942" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4941" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount_4942" order="19.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4943" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount_4944" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4943" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesAfterTenYearsNetCarryingAmount_4944" order="20.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecurities" xlink:label="Locator_us-gaap_HeldToMaturitySecurities_4945" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount_4946" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecurities_4945" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithoutSingleMaturityDateNetCarryingAmount_4946" order="21.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4967" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis_4968" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4967" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis_4968" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4969" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis_4970" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4969" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis_4970" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4971" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis_4972" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4971" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearSixThroughTenAmortizedCostBasis_4972" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4973" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingAfterYearTenAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingAfterYearTenAmortizedCostBasis_4974" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4973" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingAfterYearTenAmortizedCostBasis_4974" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:label="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4975" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_4976" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_4975" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateAmortizedCost_4976" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4957" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue_4958" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4957" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue_4958" order="10.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4959" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue_4960" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4959" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue_4960" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4961" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearSixThroughTenFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearSixThroughTenFairValue_4962" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4961" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingYearSixThroughTenFairValue_4962" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4963" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingAfterYearTenFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingAfterYearTenFairValue_4964" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4963" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesRollingAfterYearTenFairValue_4964" order="13.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4965" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue_4966" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesDebtSecurities_4965" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue_4966" order="14.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/InvestmentsGrossUnrealizedLossesRelatedToAvailableForSaleAndHeldToMaturityInvestmentsDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5101" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_5102" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5101" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_5102" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5103" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_5104" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5103" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_5104" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue_5097" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_5098" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue_5097" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_5098" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue_5099" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue" xlink:label="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_5100" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue_5099" xlink:to="Locator_us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_5100" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5093" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_5094" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5093" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss_5094" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5095" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_5096" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss_5095" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss_5096" order="14.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue_5089" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_5090" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue_5089" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue_5090" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue_5091" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue" xlink:label="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_5092" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue_5091" xlink:to="Locator_us-gaap_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue_5092" order="13.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureAccumulatedOtherComprehensiveIncomeChangesInTheComponentsOfAOCIDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_5359" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_5360" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_5359" xlink:to="Locator_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_5360" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_5361" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:label="Locator_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_5362" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_5361" xlink:to="Locator_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_5362" order="5.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" xlink:label="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_5363" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_EffectOfNewAccountingPrinciple" xlink:label="Locator_mbi_EffectOfNewAccountingPrinciple_5364" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent_5363" xlink:to="Locator_mbi_EffectOfNewAccountingPrinciple_5364" order="3.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureDebtLongTermDebtDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="Locator_us-gaap_LongTermDebtNoncurrent_6173" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_SurplusNotes" xlink:label="Locator_us-gaap_SurplusNotes_6174" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebtNoncurrent_6173" xlink:to="Locator_us-gaap_SurplusNotes_6174" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="Locator_us-gaap_LongTermDebtNoncurrent_6175" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="Locator_us-gaap_InterestPayableCurrentAndNoncurrent_6176" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebtNoncurrent_6175" xlink:to="Locator_us-gaap_InterestPayableCurrentAndNoncurrent_6176" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="Locator_us-gaap_LongTermDebtNoncurrent_6177" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6178" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebtNoncurrent_6177" xlink:to="Locator_us-gaap_DebtInstrumentCarryingAmount_6178" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="Locator_us-gaap_LongTermDebtNoncurrent_6179" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_Issuancecostsdebt" xlink:label="Locator_mbi_Issuancecostsdebt_6180" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebtNoncurrent_6179" xlink:to="Locator_mbi_Issuancecostsdebt_6180" order="7.0" weight="-1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureDebtAggregateMaturityOfDebtObligationsDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6267" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_6268" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6267" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_6268" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6269" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_6270" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6269" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_6270" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6271" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_6272" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6271" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_6272" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6273" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_6274" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6273" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_6274" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6275" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_6276" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6275" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_6276" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6277" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_6278" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6277" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_6278" order="8.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DebtPrincipalPaymentsForInvestmentAgreementsMTNsAndVIEObligationsDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6357" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_6358" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DebtInstrumentCarryingAmount_6357" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_6358" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6359" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_6360" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DebtInstrumentCarryingAmount_6359" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_6360" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6361" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_6362" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DebtInstrumentCarryingAmount_6361" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_6362" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6363" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_6364" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DebtInstrumentCarryingAmount_6363" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_6364" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6365" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_6366" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DebtInstrumentCarryingAmount_6365" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_6366" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6367" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_6368" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_DebtInstrumentCarryingAmount_6367" xlink:to="Locator_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_6368" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6369" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="Locator_us-gaap_DebtInstrumentCarryingAmount_6370" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6369" xlink:to="Locator_us-gaap_DebtInstrumentCarryingAmount_6370" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="Locator_us-gaap_LongTermDebt_6371" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_DiscountsNetOfFairValueAdjustmentsAndAccruedInterest" xlink:label="Locator_mbi_DiscountsNetOfFairValueAdjustmentsAndAccruedInterest_6372" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_LongTermDebt_6371" xlink:to="Locator_mbi_DiscountsNetOfFairValueAdjustmentsAndAccruedInterest_6372" order="9.0" weight="-1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/DisclosureInsuranceInForceSummaryOfComponentsOfFinancialGuaranteeNetPremiumsEarnedIncludingPremiumsAssumedFromAndCededToOtherCompaniesDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsEarnedNet" xlink:label="Locator_us-gaap_PremiumsEarnedNet_7049" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts" xlink:label="Locator_mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts_7050" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_PremiumsEarnedNet_7049" xlink:to="Locator_mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts_7050" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts" xlink:label="Locator_mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts_7053" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DirectPremiumsEarned" xlink:label="Locator_us-gaap_DirectPremiumsEarned_7054" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts_7053" xlink:to="Locator_us-gaap_DirectPremiumsEarned_7054" order="1.0" weight="1" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts" xlink:label="Locator_mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts_7055" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssumedPremiumsEarned" xlink:label="Locator_us-gaap_AssumedPremiumsEarned_7056" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_mbi_GrossPremiumEarnedFinancialGuaranteeInsuranceContracts_7055" xlink:to="Locator_us-gaap_AssumedPremiumsEarned_7056" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsEarnedNet" xlink:label="Locator_us-gaap_PremiumsEarnedNet_7051" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CededPremiumsEarned" xlink:label="Locator_us-gaap_CededPremiumsEarned_7052" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_PremiumsEarnedNet_7051" xlink:to="Locator_us-gaap_CededPremiumsEarned_7052" order="4.0" weight="-1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/ScheduleIVReinsuranceDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsWrittenNet" xlink:label="Locator_us-gaap_PremiumsWrittenNet_7213" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DirectPremiumsWritten" xlink:label="Locator_us-gaap_DirectPremiumsWritten_7214" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_PremiumsWrittenNet_7213" xlink:to="Locator_us-gaap_DirectPremiumsWritten_7214" order="1.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsWrittenNet" xlink:label="Locator_us-gaap_PremiumsWrittenNet_7215" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CededPremiumsWritten" xlink:label="Locator_us-gaap_CededPremiumsWritten_7216" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_PremiumsWrittenNet_7215" xlink:to="Locator_us-gaap_CededPremiumsWritten_7216" order="2.0" weight="-1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PremiumsWrittenNet" xlink:label="Locator_us-gaap_PremiumsWrittenNet_7217" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_AssumedPremiumsWritten" xlink:label="Locator_us-gaap_AssumedPremiumsWritten_7218" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_PremiumsWrittenNet_7217" xlink:to="Locator_us-gaap_AssumedPremiumsWritten_7218" order="3.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/InsurancePremiumsUndiscountedFutureAmountOfPremiumsExpectedToBeCollectedAndPeriodWhichThoseCollectionsAreExpectedToOccurDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7303" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFirstQuarterFollowingBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFirstQuarterFollowingBalanceSheetDate_7304" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7303" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFirstQuarterFollowingBalanceSheetDate_7304" order="1.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7305" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSecondQuarterFollowingTheBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSecondQuarterFollowingTheBalanceSheetDate_7306" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7305" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSecondQuarterFollowingTheBalanceSheetDate_7306" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7307" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate_7308" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7307" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringThirdQuarterFollowingBalanceSheetDate_7308" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7309" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate_7310" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7309" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringFourthQuarterFollowingBalanceSheetDate_7310" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7311" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_7312" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7311" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_7312" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7313" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_7314" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7313" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_7314" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7315" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_7316" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7315" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_7316" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7317" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_7318" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7317" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_7318" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7319" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate_7320" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7319" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThanFiveAndWithin10YearsFromBalanceSheetDate_7320" order="9.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7321" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate_7322" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7321" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedMoreThan10AndWithin15YearsFromBalanceSheetDate_7322" order="10.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7323" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSixteenthYearAndThereafterFromBalanceSheetDate" xlink:label="Locator_mbi_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSixteenthYearAndThereafterFromBalanceSheetDate_7324" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsPremiumReceivablePremiumExpectedToBeCollected_7323" xlink:to="Locator_mbi_FinancialGuaranteeInsuranceContractsPremiumExpectedToBeCollectedDuringSixteenthYearAndThereafterFromBalanceSheetDate_7324" order="11.0" weight="1" />
    </calculationLink>
    <calculationLink xlink:type="extended" xlink:role="http://www.mbia.com/role/InsurancePremiumsUnearnedPremiumRevenueBalanceAndFutureExpectedEarningsDetail">
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7355" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnearnedPremiums" xlink:label="Locator_us-gaap_UnearnedPremiums_7356" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7355" xlink:to="Locator_us-gaap_UnearnedPremiums_7356" order="2.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7357" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFirstQuarterFollowingBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFirstQuarterFollowingBalanceSheetDate_7358" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7357" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFirstQuarterFollowingBalanceSheetDate_7358" order="3.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7359" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSecondQuarterFollowingBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSecondQuarterFollowingBalanceSheetDate_7360" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7359" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSecondQuarterFollowingBalanceSheetDate_7360" order="4.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7361" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate_7362" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7361" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringThirdQuarterFollowingBalanceSheetDate_7362" order="5.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7363" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate_7364" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7363" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringFourthQuarterFollowingBalanceSheetDate_7364" order="6.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7365" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_7366" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7365" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanOneAndWithinTwoYearsFromBalanceSheetDate_7366" order="7.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7367" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_7368" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7367" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanTwoAndWithinThreeYearsFromBalanceSheetDate_7368" order="8.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7369" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_7370" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7369" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanThreeAndWithinFourYearsFromBalanceSheetDate_7370" order="9.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7371" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_7372" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7371" xlink:to="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedMoreThanFourAndWithinFiveYearsFromBalanceSheetDate_7372" order="10.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7373" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSixthThroughTenthYearFollowingBalanceSheetDate" xlink:label="Locator_mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSixthThroughTenthYearFollowingBalanceSheetDate_7374" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7373" xlink:to="Locator_mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSixthThroughTenthYearFollowingBalanceSheetDate_7374" order="11.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7375" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringEleventhThroughFifteenthYearFollowingBalanceSheetDate" xlink:label="Locator_mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringEleventhThroughFifteenthYearFollowingBalanceSheetDate_7376" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7375" xlink:to="Locator_mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringEleventhThroughFifteenthYearFollowingBalanceSheetDate_7376" order="12.0" weight="1" />
        <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized" xlink:label="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7377" />
        <loc xlink:type="locator" xlink:href="mbi-20180331.xsd#mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSixteenthYearAndThereafterFollowingBalanceSheetDate" xlink:label="Locator_mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSixteenthYearAndThereafterFollowingBalanceSheetDate_7378" />
        <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="Locator_us-gaap_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognized_7377" xlink:to="Locator_mbi_FinancialGuaranteeInsuranceContractsFutureExpectedPremiumRevenueToBeRecognizedDuringSixteenthYearAndThereafterFollowingBalanceSheetDate_7378" order="13.0" weight="1" />
    </calculationLink>
</linkbase>
