Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERENCE DIVIDENDS

MBIA, Inc.

Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

	Years Ended December 31,															Three months ended March 31,
Earnings to Fixed Charges (Interest Coverage) Ratio	2002			2003			2004			2005			2006			2007
Income from continuing operations before taxes	$	788,447		$	1,161,990		$	1,170,858		$	1,017,183		$	1,133,263		277,041
Interest Expense		72,817			78,822			81,215			91,801			85,709		21,038
Portion of rentals deemed to be interest		1,089			1,397			1,345			1,820			1,187		279
Earnings	$	862,353		$	1,242,209		$	1,253,418		$	1,110,804		$	1,220,159		298,358
Interest Expense	$	72,817		$	78,822		$	81,215		$	91,801		$	85,709		21,038
Portion of rentals deemed to be interest		1,089			1,397			1,345			1,820			1,187		279
Fixed Charges	$	73,906		$	80,219		$	82,560		$	93,621		$	86,896		21,317
Ratio of earnings to fixed charges		11.7	%		15.5	%		15.2	%		11.9	%		14.0	%	14.0	%