Loss and Loss Adjustment Expense Reserves (Tables)

9 Months Ended

Sep. 30, 2013

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Schedule Of Losses And Loss Adjustment Expenses

Losses and LAE	Nine Months Ended September 30, 2013
	Second-lien		First-lien
In millions	RMBS		RMBS		Other(1)		Total
Losses and LAE related to actual and expected payments	$	85	$	12	$	108	$	205
Recoveries of actual and expected payments		(177)		(11)		76		(112)
Gross losses incurred		(92)		1		184		93
Reinsurance		0		0		(1)		(1)
Losses and LAE	$	(92)	$	1	$	183	$	92
__________
(1) - Includes ABS CDOs, CMBS, U.S. public finance and other issues.

Schedule Of Financial Guarantees And Related Claim Liability

				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					89		20		6		192		307
Number of issues(1)					31		15		5		135		186
Remaining weighted average contract
	period (in years)				10.8		5.3		9.6		9.6		9.8
Gross insured contractual payments
	outstanding:(2)
		Principal		$	5,686	$	1,099	$	65	$	8,332	$	15,182
		Interest			3,998		279		32		4,819		9,128
			Total	$	9,684	$	1,378	$	97	$	13,151	$	24,310
Gross claim liability				$	0	$	0	$	0	$	1,504	$	1,504
Less:
	Gross potential recoveries				0		0		0		1,264		1,264
	Discount, net				0		0		0		272		272
Net claim liability (recoverable)				$	0	$	0	$	0	$	(32)	$	(32)
Unearned premium revenue				$	129	$	20	$	1	$	101	$	251
__________
(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments.
(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.

				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					54		25		10		206		295
Number of issues(1)					29		15		10		136		190
Remaining weighted average contract
	period (in years)				8.1		4.0		7.6		9.5		8.7
Gross insured contractual payments
	outstanding:(2)
		Principal		$	4,250	$	1,176	$	373	$	9,458	$	15,257
		Interest			2,721		256		120		5,264		8,361
			Total	$	6,971	$	1,432	$	493	$	14,722	$	23,618
Gross claim liability				$	0	$	0	$	0	$	1,589	$	1,589
Less:
	Gross potential recoveries				0		0		0		4,109		4,109
	Discount, net				0		0		0		229		229
Net claim liability (recoverable)				$	0	$	0	$	0	$	(2,749)	$	(2,749)
Unearned premium revenue				$	142	$	11	$	3	$	122	$	278
__________
(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments.
(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.

Present Value Of The Probability-Weighted Future Claim Payments And Recoveries

		As of		As of
In millions		September 30, 2013		December 31, 2012
Loss reserves (claim liability)		$	635	$	790
LAE reserves			53		63
	Loss and LAE reserves	$	688	$	853
Insurance claim loss recoverable		$	(737)	$	(3,610)
LAE insurance loss recoverable			(5)		(38)
	Insurance loss recoverable	$	(742)	$	(3,648)
Reinsurance recoverable on unpaid losses		$	7	$	14
Reinsurance recoverable on paid losses			0		1
	Reinsurance recoverable on paid and unpaid losses	$	7	$	15

Schedule Of Company's Second-Lien RMBS Exposure, Gross Undiscounted Claim Liability And Potential Recoveries, Excluding Amounts Related To Consolidated VIE's

Second-lien RMBS Exposure		Outstanding				Gross Undiscounted
		Gross		Gross		Claim		Potential
$ in billions	Issues	Principal		Interest		Liability		Recoveries
Excluding Consolidated VIEs:
Non-consolidated VIEs	23	$	3.6	$	1.3	$	0.2	$	0.9
Consolidated VIEs:
Consolidated VIEs	11	$	1.8	$	0.7	$	0.1	$	1.4

Schedule Of Loss And Loss Adjustment Expenses Reserves

In millions

Changes in Loss and LAE Reserves for the Nine Months Ended September 30, 2013

Gross Loss

Loss

Gross Loss

and LAE

Payments

Accretion

Changes in

and LAE

Reserves as of

for Cases

of Claim

Changes in

Unearned

Changes in

Reserves as of

December 31,

with

Liability

Discount

Changes in

Premium

LAE

September 30,

2012

Reserves

Discount

Rates

Assumptions

Revenue

Reserves

Other(1)

2013

$

853

$

(293)

$

10

$

(71)

$

116

$

2

$

(10)

$

81

$

688

__________

(1) - Primarily changes in amount and timing of payments.

Schedule Of Insurance Loss Recoverable And Changes In Recoveries On Unpaid Losses

				Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses
				for the Nine Months Ended September 30, 2013
		Gross														Gross
		Reserve		Collections												Reserve
		as of		for Cases		Accretion		Changes in				Changes in				as of
		December 31,		with		of		Discount		Changes in		LAE				September 30,
In millions		2012		Recoveries		Recoveries		Rates		Assumptions		Recoveries		Other(1)		2013
Insurance loss
	recoverable	$	3,648	$	(2,981)	$	16	$	(25)	$	129	$	(33)	$	(12)	$	742
Recoveries on unpaid
	losses		332		0		4		(27)		15		2		0		326
Total		$	3,980	$	(2,981)	$	20	$	(52)	$	144	$	(31)	$	(12)	$	1,068
__________
(1) Primarily changes in amount and timing of collections.

Schedule Of Total Estimated Recoveries From Ineligible Second-Lien Mortgage Loans

In millions

Total Estimated

Total Estimated

Recoveries from

Recoveries from

Ineligible Mortgage

Accretion

Changes in

Ineligible Mortgage

Loans as of

of Future

Discount

Recoveries

Changes in

Loans as of

December 31, 2012

Collections

Rates

(Collections)

Assumptions

Other(1)

September 30, 2013

$

3,583

$

20

$

(7)

$

(2,897)

$

433

$

1

$

1,133

__________

(1) Primarily changes in amount and timing of collections.

Schedule Of Expenses Related To Remedial Actions For Insured Obligations

	Nine Months Ended September 30,
In millions	2013		2012
Loss adjustment expense incurred, gross	$	31	$	113