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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Text Block [Abstract] |
Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis |
In millions |  | Fair Value as of March 31, 2022 |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable at fair value |  | $ | 76 |  |  | Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  |  | 18% - 76 % ( 55 %) (1) |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | 285 |  |  | Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities |  | Impact of financial guarantee |  |  | 36% - 76% (65 %) (1) |
(1) | - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
In millions |  | Fair Value as of December 31, 2021 |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable at fair value |  | $ | 77 |  |  | Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations |  | Impact of financial guarantee |  |  | 23% - 72 % ( 55 %) (1) |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | 291 |  |  | Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities |  | Impact of financial guarantee |  |  | 33% - 73 % (59%) (1) |
(1) | - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis | The following tables present the fair value of the Company’s assets (including short-term investments) and liabilities measured and reported at fair value on a recurring basis as of March 31, 2022 and December 31, 2021:
|  | Fair Value Measurements at Reporting Date Using |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance as of March 31, 2022
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 801 |  |  | $ | 86 |  |  | $ | - |  |  | $ | 887 |
State and municipal bonds |  |  | - |  |  |  | 705 |  |  |  | - |  |  |  | 705 |
Foreign governments |  |  | - |  |  |  | 23 |  |  |  | - |  |  |  | 23 |
Corporate obligations |  |  | - |  |  |  | 1,070 |  |  |  | - |  |  |  | 1,070 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | - |  |  |  | 183 |  |  |  | - |  |  |  | 183 |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 99 |  |  |  | 38 |  |  |  | 137 |
Commercial mortgage-backed |  |  | - |  |  |  | 12 |  |  |  | - |  |  |  | 12 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 176 |  |  |  | - |  |  |  | 176 |
Other asset-backed |  |  | - |  |  |  | 189 |  |  |  | - |  |  |  | 189 |
Total fixed-maturity investments |  |  | 801 |  |  |  | 2,543 |  |  |  | 38 |  |  |  | 3,382 |
Money market securities |  |  | 24 |  |  |  | - |  |  |  | - |  |  |  | 24 |
Perpetual debt and equity securities |  |  | 46 |  |  |  | 22 |  |  |  | - |  |  |  | 68 |
Cash and cash equivalents |  |  | 147 |  |  |  | - |  |  |  | - |  |  |  | 147 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | 4 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 25 |
Commercial mortgage-backed |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 6 |  |  |  | - |  |  |  | 6 |
Other asset-backed |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | 8 |
Cash |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 76 |  |  |  | 76 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency derivatives |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | 9 |
Other |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | 15 |
Total assets |  | $ | 1,022 |  |  | $ | 2,618 |  |  | $ | 138 |  |  | $ | 3,778 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 99 |  |  | $ | 99 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured credit derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Non-insured interest rate derivatives |  |  | - |  |  |  | 98 |  |  |  | - |  |  |  | 98 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 285 |  |  |  | 285 |
Total liabilities |  | $ | - |  |  | $ | 99 |  |  | $ | 384 |  |  | $ | 483 |
|  | Fair Value Measurements at Reporting Date Using |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Balance as of December 31, 2021
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agency |  | $ | 750 |  |  | $ | 95 |  |  | $ | - |  |  | $ | 845 |
State and municipal bonds |  |  | - |  |  |  | 168 |  |  |  | - |  |  |  | 168 |
Foreign governments |  |  | - |  |  |  | 17 |  |  |  | - |  |  |  | 17 |
Corporate obligations |  |  | - |  |  |  | 1,050 |  |  |  | - |  |  |  | 1,050 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed agency |  |  | - |  |  |  | 198 |  |  |  | - |  |  |  | 198 |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 98 |  |  |  | - |  |  |  | 98 |
Commercial mortgage-backed |  |  | - |  |  |  | 13 |  |  |  | - |  |  |  | 13 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 150 |  |  |  | - |  |  |  | 150 |
Other asset-backed |  |  | - |  |  |  | 106 |  |  |  | - |  |  |  | 106 |
Total fixed-maturity investments |  |  | 750 |  |  |  | 1,895 |  |  |  | - |  |  |  | 2,645 |
Money market securities |  |  | 78 |  |  |  | - |  |  |  | - |  |  |  | 78 |
Perpetual debt and equity securities |  |  | 47 |  |  |  | 23 |  |  |  | - |  |  |  | 70 |
Cash and cash equivalents |  |  | 151 |  |  |  | - |  |  |  | - |  |  |  | 151 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-insured interest rate derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed non-agency |  |  | - |  |  |  | 27 |  |  |  | - |  |  |  | 27 |
Commercial mortgage-backed |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | - |  |  |  | 6 |  |  |  | 4 |  |  |  | 10 |
Other asset-backed |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | 8 |
Cash |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans receivable |  |  | - |  |  |  | - |  |  |  | 77 |  |  |  | 77 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency derivatives |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | 9 |
Other |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | 14 |
Total assets |  | $ | 1,035 |  |  | $ | 1,975 |  |  | $ | 104 |  |  | $ | 3,114 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  |  | $ | - |  |  | $ | 98 |  |  | $ | 98 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insured credit derivatives |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Non-insured interest rate derivatives |  |  | - |  |  |  | 130 |  |  |  | - |  |  |  | 130 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable interest entity notes |  |  | - |  |  |  | - |  |  |  | 291 |  |  |  | 291 |
Total liabilities |  | $ | - |  |  | $ | 131 |  |  | $ | 389 |  |  | $ | 520 |
Fair Value Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value Balance as of March 31, 2022 |  | Carry Value Balance as of March 31, 2022
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | - |  |  | $ | 413 |  |  | $ | - |  |  | $ | 413 |  |  | $ | 2,344 |
Medium-term notes |  |  | - |  |  |  | - |  |  |  | 329 |  |  |  | 329 |  |  |  | 487 |
Investment agreements |  |  | - |  |  |  | - |  |  |  | 331 |  |  |  | 331 |  |  |  | 274 |
Total liabilities |  | $ | - |  |  | $ | 413 |  |  | $ | 660 |  |  | $ | 1,073 |  |  | $ | 3,105 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 1,214 |  |  | $ | 1,214 |  |  | $ | 828 |
Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 33 |  |  |  | 33 |  |  |  | 17 |
|  | Fair Value Measurements at Reporting Date Using |  |  |  |
In millions |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value Balance as of December 31, 2021 |  | Carry Value Balance as of December 31, 2021
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | - |  |  | $ | 433 |  |  | $ | - |  |  | $ | 433 |  |  | $ | 2,331 |
Medium-term notes |  |  | - |  |  |  | - |  |  |  | 322 |  |  |  | 322 |  |  |  | 490 |
Investment agreements |  |  | - |  |  |  | - |  |  |  | 355 |  |  |  | 355 |  |  |  | 274 |
Total liabilities |  | $ | - |  |  | $ | 433 |  |  | $ | 677 |  |  | $ | 1,110 |  |  | $ | 3,095 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross liability (recoverable) |  | $ | - |  |  | $ | - |  |  | $ | 848 |  |  | $ | 848 |  |  | $ | (80 | )
Ceded recoverable (liability) |  |  | - |  |  |  | - |  |  |  | 30 |  |  |  | 30 |  |  |  | (42 | )
Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis |
In millions |  | Balance, Beginning of Period |  | Total Gains / (Losses) Included in Earnings |  | Unrealized Gains / (Losses) Included in OCI (1) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of March 31, 2022 |  | Change in Unrealized Gains (Losses) for the Period Included in OCI for Assets still held as of March 31, 2022 (1)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage- backed non-agency |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 38 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 38 |  |  | $ | - |  |  | $ | - |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized debt obligations |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loans receivable - residential |  |  | 77 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 76 |  |  |  | (1 | ) |  |  | - |
Currency derivatives |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | - |  |  |  | - |
Other |  |  | 14 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | 1 |  |  |  | - |
Total assets |  | $ | 104 |  |  | $ | 2 |  |  | $ | - |  |  | $ | 38 |  |  | $ | - |  |  | $ | (6 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 138 |  |  | $ | - |  |  | $ | - |
In millions |  | Balance, Beginning of Period |  | Total Gains / (Losses) Included in Earnings |  | Unrealized Gains / (Losses) Included in OCI (1) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets still held as of March 31, 2021 |  | Change in Unrealized Gains (Losses) for the Period Included in OCI for Assets still held as of March 31, 2021 (1)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable-residential |  | $ | 120 |  |  | $ | 9 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (5 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 124 |  |  | $ | 8 |  |  | $ | - |
Loan repurchase commitments |  |  | 604 |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (600 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Currency derivatives |  |  | 6 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9 |  |  |  | 3 |  |  |  | - |
Other |  |  | 14 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14 |  |  |  | - |  |  |  | - |
Total assets |  | $ | 744 |  |  | $ | 8 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (605 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 147 |  |  | $ | 11 |  |  | $ | - |
(1) | - Reported within the “Unrealized gains (losses) on available-for-sale securities” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis |
In millions |  | Balance, Beginning of Period |  | Total (Gains) / Losses Included in Earnings |  | Unrealized (Gains) / Losses Included in OCI (2) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of March 31, 2022 |  | Change in Unrealized (Gains) Losses for the Period Included in OCI for Liabilities still held as of March 31, 2022 (2)
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 98 |  |  | $ | (8 | ) |  | $ | 9 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 99 |  |  | $ | (8 | ) |  | $ | 9 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 291 |  |  |  | 4 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | (11 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 285 |  |  |  | (3 | ) |  |  | 4 |
Total liabilities |  | $ | 389 |  |  | $ | (4 | ) |  | $ | 10 |  |  | $ | - |  |  | $ | - |  |  | $ | (11 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 384 |  |  | $ | (11 | ) |  | $ | 13 |
In millions |  | Balance, Beginning of Period |  | Total (Gains) / Losses Included in Earnings |  | Unrealized (Gains) / Losses Included in OCI (2) |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Ending Balance |  | Change in Unrealized (Gains) Losses for the Period Included in Earnings for Liabilities still held as of March 31, 2021 |  | Change in Unrealized (Gains) Losses for the Period Included in OCI for Liabilities still held as of March 31, 2021 (2)
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 110 |  |  | $ | (7 | ) |  | $ | 2 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 105 |  |  | $ | (7 | ) |  | $ | 2 |
Other derivatives |  |  | 49 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (49 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 303 |  |  |  | 22 |  |  |  | (16 | ) |  |  | - |  |  |  | - |  |  |  | (29 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 280 |  |  |  | 4 |  |  |  | 3 |
Total liabilities |  | $ | 462 |  |  | $ | 15 |  |  | $ | (14 | ) |  | $ | - |  |  | $ | - |  |  | $ | (78 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 385 |  |  | $ | (3 | ) |  | $ | 5 |
(2) | - Reported within the “Instrument-specific credit risk of liabilities measured at fair value” on MBIA’s Consolidated Statement of Comprehensive Income/Loss.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities |
|  | Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021
In millions |  | Total Gains (Losses) Included in Earnings |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held as of March 31, 2022 |  | Total Gains (Losses) Included in Earnings |  | Change in Unrealized Gains (Losses) for the Period Included in Earnings for Assets and Liabilities still held as of March 31, 2021
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on financial instruments at fair value and foreign exchange |  | $ | 8 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | 7 |
Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) on financial instruments at fair value and foreign exchange |  |  | (2 | ) |  |  | 3 |  |  |  | (14 | ) |  |  | 7 |
Total |  | $ | 6 |  |  | $ | 11 |  |  | $ | (7 | ) |  | $ | 14 |
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  | Three Months Ended March 31,
In millions |  | 2022 |  | 2021
Investments carried at fair value (1) |  | $ | (8 | ) |  | $ | 3 |
Fixed-maturity securities held at fair value-VIE (2) |  |  | (1 | ) |  |  | 1 |
Loans receivable at fair value: |  |  |  |  |  |  |  |
Residential mortgage loans (2) |  |  | 1 |  |  |  | 9 |
Loan repurchase commitments (2) |  |  | - |  |  |  | (4 | )
Other assets-VIE (2) |  |  | 1 |  |  |  | - |
Medium-term notes (1) |  |  | 8 |  |  |  | 7 |
Variable interest entity notes (2) |  |  | (5 | ) |  |  | (23 | )
(1) - Reported within “Net gains (losses) of financial instruments at fair value and foreign exchange” on MBIA’s consolidated statements of operations. (2) - Reported within “Net gains (losses) of financial instruments at fair value and foreign exchange-VIE” on MBIA’s consolidated statements of operations.
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding |
|  | As of March 31, 2022 |  | As of December 31, 2021
|  | Contractual Outstanding |  | Fair |  |  |  | Contractual Outstanding |  | Fair |  |
In millions |  | Principal |  | Value |  | Difference |  | Principal |  | Value |  | Difference
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans - current |  | $ | 40 |  |  | $ | 40 |  |  | $ | - |  |  | $ | 40 |  |  | $ | 40 |  |  | $ | - |
Residential mortgage loans (90 days or more past due) |  |  | 146 |  |  |  | 36 |  |  |  | 110 |  |  |  | 141 |  |  |  | 37 |  |  |  | 104 |
Total loans receivable and other instruments at fair value |  | $ | 186 |  |  | $ | 76 |  |  | $ | 110 |  |  | $ | 181 |  |  | $ | 77 |  |  | $ | 104 |
Variable interest entity notes |  | $ | 925 |  |  | $ | 285 |  |  | $ | 640 |  |  | $ | 922 |  |  | $ | 291 |  |  | $ | 631 |
Medium-term notes |  | $ | 106 |  |  | $ | 99 |  |  | $ | 7 |  |  | $ | 108 |  |  | $ | 98 |  |  | $ | 10 |

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