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): September 14, 2006

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

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

             113 King Street,
             Armonk, New York                         10504
(Address 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 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.

(d) Election of Director.

     On September 14, 2006 MBIA Inc. ("MBIA") announced that Richard H. Walker
was elected a member of MBIA's Board of Directors. Mr. Walker is the General
Counsel of Deutsche Bank AG ("Deutsche Bank"), where he oversees Deutsche Bank's
Legal and Compliance departments worldwide.

     Deutsche Bank is the parent company of a group consisting of banks, capital
market companies, fund management companies, a property management company,
installment financing companies, research and consultancy companies and other
companies. It operates in the United States through its New York Branch and
through its subsidiaries, which include Deutsche Bank Securities Inc., an
SEC-registered broker-dealer.

     Deutsche Bank has a number of business relationships with MBIA. Deutsche
Bank is a lender to MBIA pursuant to its five-year $500 million revolving credit
agreement. The size of Deutsche Bank's commitment in this facility is $30
million, for which it earns a commitment fee of 7 basis points per year. As of
December 31, 2005, no borrowings were outstanding under this facility. Deutsche
Bank also provides a $128.5 million liquidity loan facility to Triple-A One
Funding Corporation, an MBIA-sponsored commercial paper conduit. As of December
31, 2005, no borrowings were outstanding under this facility.

     Additionally, Deutsche Bank and its affiliates may from time to time hold
debt securities issued or insured by MBIA or its affiliates. Deutsche Bank's
capital markets subsidiaries from time to time have provided securities
underwriting services to MBIA and its affiliates. MBIA has provided credit
enhancement to a variety of asset securitization transactions which have been
originated, sponsored or underwritten by Deutsche Bank and its subsidiaries.
Additionally, MBIA and its affiliates may from time to time hold debt securities
issued by Deutsche Bank or its affiliates. Deutsche Bank and MBIA also engage
from time to time in a variety of derivative transactions, as well as
transactions in securities and other financial assets. Any such transactions
between Deutsche Bank and MBIA were undertaken in the ordinary course of
business on terms prevailing in the market for transactions between unaffiliated
parties.

     As a result of their transactions with each other, as well as a result of
their participation in transactions of third parties, Deutsche Bank and MBIA
may, from time to time, have interests that are adverse to each other.


Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

99.1    Press Release issued by MBIA Inc. dated September 14, 2006.





                                   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: September 14, 2006









                   EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
                            Dated September 14, 2006


Exhibit 99.1    Press Release issued by MBIA Inc. dated September 14, 2006.

EX-99.1

                                                                    Exhibit 99.1

             Richard H. Walker Elected to MBIA's Board of Directors


     ARMONK, N.Y.--(BUSINESS WIRE)--Sept. 14, 2006--MBIA Inc. (NYSE: MBI)
announced today that Richard H. Walker was elected to MBIA's Board of Directors.
Mr. Walker is the general counsel of Deutsche Bank, where he oversees the Legal
and Compliance departments worldwide.
     Before joining Deutsche Bank in 2001, Mr. Walker was director of the
Division of Enforcement for the Securities and Exchange Commission (SEC).
Preceding his appointment to that position, he served as general counsel and
northeast regional director since joining the SEC in 1991. Prior to the SEC, Mr.
Walker spent 15 years in the New York office of Cadwalader, Wickersham & Taft,
where he was a litigation partner specializing in corporate, securities and
commercial litigation.
     MBIA Board Member and Nominating/Corporate Governance Committee Chair
Claire Gaudiani said, "Richard's impressive legal, compliance and financial
expertise will add important depth to our Board. We are delighted to have him
join us, and are confident that the experience he's gained throughout his
remarkable career will provide an invaluable asset as we guide MBIA's continued
growth in the global financial guarantee marketplace."
     While at the SEC, Mr. Walker was awarded the Presidential Rank
Distinguished Service Award in 1997--the highest federal award for government
service. He also received the SEC's Distinguished Service Award, and the
Chairman's Award for Excellence.
     Mr. Walker is a member of the New York Stock Exchange Legal Advisory
Committee, and is a trustee of the Securities and Exchange Commission Historical
Society and the American Folk Art Museum. A Phi Beta Kappa graduate of Trinity
College, Mr. Walker received his J.D. degree, cum laude, from Temple Law School.

     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 www.mbia.com.


     CONTACT: MBIA Inc.
              Liz James, 914-765 3889