8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934



       Date of Report (Date of earliest event reported): November 18, 2004

                                    MBIA INC.
             (Exact name of registrant as specified in its charter)

         Connecticut                    1-9583                    06-1185706
(State or other jurisdiction   (Commission File Number)         (IRS Employer
      of incorporation)                                      Identification No.)

             113 King Street,
             Armonk, New York                                 10504
(Addresses of principal executive offices)                  (Zip Code)

              Registrant's telephone number, including area code:
                                  914-273-4545

                                 Not Applicable
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_|  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

|_|  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

================================================================================



Item 8.01. OTHER EVENTS.

The following information, including the Exhibit to this Form 8-K, is being
furnished pursuant to Item 8.01 - Other Events of Form 8-K.

On November 18, 2004, MBIA Inc. issued a press release announcing that it
received identical document subpoenas today from the Securities and Exchange
Commission and the New York Attorney General's office requesting information
with respect to non-traditional or loss mitigation insurance products developed,
offered or sold by MBIA to third parties from January 1, 1998 to the present.

The subpoenas do not identify any specific transaction, and MBIA believes the
subpoenas were issued in connection with an industry-wide investigation of
non-traditional insurance products. MBIA intends to cooperate fully with the
Securities and Exchange Commission and the New York Attorney General's request
for documents.

A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is
incorporated by reference to this Item 8.01 as if fully set forth herein.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

99.1  Press Release issued by MBIA Inc. dated November 18, 2004.




                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                         MBIA INC.


                                                         By: /s/ Ram D. Wertheim
                                                             -------------------
                                                             Ram D. Wertheim
                                                             General Counsel

Date: November 18, 2004



                   EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
                             Dated November 18, 2004

Exhibit 99.1          Press Release issued by MBIA Inc. dated November 18, 2004.

EX-99.1

                                                                    Exhibit 99.1

     MBIA Receives Document Subpoenas Regarding `Non-Traditional Products'

     ARMONK, N.Y.--(BUSINESS WIRE)--Nov. 18, 2004--MBIA Inc. (NYSE:MBI)
announced that it received identical document subpoenas today from the
Securities and Exchange Commission and the New York Attorney General's office
requesting information with respect to non-traditional or loss mitigation
insurance products developed, offered or sold by MBIA to third parties from
January 1, 1998 to the present.
     The subpoenas do not identify any specific transaction, and MBIA believes
the subpoenas were issued in connection with an industry-wide investigation of
non-traditional insurance products. MBIA intends to cooperate fully with the
Securities and Exchange Commission and the New York Attorney General's request
for documents.

     MBIA Inc., through its subsidiaries, is a leading financial guarantor and
provider of specialized financial services. MBIA's innovative and cost-effective
products and services meet the credit enhancement, financial and investment
needs of its public and private sector clients, domestically and
internationally. MBIA Inc.'s principal operating subsidiary, MBIA Insurance
Corporation, has a financial strength rating of Triple-A from Moody's Investors
Service, Standard & Poor's Ratings Services, Fitch Ratings, and Rating and
Investment Information, Inc. Please visit MBIA's Web site at
http://www.mbia.com.

     CONTACT: MBIA Inc.
              Michael Ballinger, 914-765-3893