$MBI
MBIA INC

2013 Q4 Form 10-Q Financial Statement

#000119312513438382 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $447.0M $420.0M $281.0M
YoY Change -38.93% 49.47% -74.91%
Cost Of Revenue $98.00M $171.0M
YoY Change -42.69%
Gross Profit $322.0M $110.0M
YoY Change 192.73%
Gross Profit Margin 76.67% 39.15%
Selling, General & Admin $80.00M $80.00M
YoY Change 0.0%
% of Gross Profit 24.84% 72.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $96.00M $80.00M $80.00M
YoY Change -150.53% 0.0% -71.93%
Operating Profit $242.0M $30.00M
YoY Change 706.67%
Interest Expense -$68.00M $59.00M $69.00M
YoY Change -18.07% -14.49% -176.67%
% of Operating Profit 24.38% 230.0%
Other Income/Expense, Net
YoY Change
Pretax Income $294.0M $171.0M -$57.00M
YoY Change -64.96% -400.0% -107.65%
Income Tax $162.0M $39.00M -$64.00M
% Of Pretax Income 55.1% 22.81%
Net Earnings $132.0M $132.0M $7.000M
YoY Change -79.25% 1785.71% -98.42%
Net Earnings / Revenue 29.53% 31.43% 2.49%
Basic Earnings Per Share $0.68 $0.04
Diluted Earnings Per Share $785.7K $0.52 $0.04
COMMON SHARES
Basic Shares Outstanding 192.2M shares 188.9M shares 193.9M shares
Diluted Shares Outstanding 192.6M shares 195.0M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.258B $1.103B $441.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.316B
YoY Change 14.07%
LONG-TERM ASSETS
Property, Plant & Equipment $8.000M $37.00M $69.00M
YoY Change -88.41% -46.38% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.33B $12.91B $14.85B
YoY Change -12.04% -13.07% -29.92%
Other Assets $1.138B $1.243B $1.446B
YoY Change -5.09% -14.04% 11.4%
Total Long-Term Assets $18.82B
YoY Change -28.9%
TOTAL ASSETS
Total Short-Term Assets $3.316B
Total Long-Term Assets $18.82B
Total Assets $16.95B $17.63B $22.13B
YoY Change -21.96% -20.33% -24.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.702B $9.376B $11.53B
YoY Change -1.73% -18.67% -20.52%
Other Long-Term Liabilities $1.457B $1.824B $3.980B
YoY Change -56.39% -54.17% -46.19%
Total Long-Term Liabilities $1.702B $11.20B $15.51B
YoY Change -1.73% -27.78% -29.19%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $1.702B $11.20B $15.51B
Total Liabilities $13.65B $14.43B $19.55B
YoY Change -26.31% -26.16% -27.6%
SHAREHOLDERS EQUITY
Retained Earnings $2.289B $2.157B $1.403B
YoY Change 12.26% 53.74%
Common Stock $278.0M $278.0M $275.0M
YoY Change 0.36% 1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.318B $2.318B $2.275B
YoY Change 1.89% 1.89%
Treasury Stock Shares 85.56M shares 85.55M shares 81.73M shares
Shareholders Equity $3.278B $3.180B $2.565B
YoY Change
Total Liabilities & Shareholders Equity $16.95B $17.63B $22.13B
YoY Change -21.96% -20.33% -24.64%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $132.0M $132.0M $7.000M
YoY Change -79.25% 1785.71% -98.42%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $796.0M -$138.0M -$165.0M
YoY Change -1205.56% -16.36% -68.21%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$1.000M -$1.000M
YoY Change -50.0% 0.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$302.0M $551.0M $662.0M
YoY Change -127.68% -16.77% 20.15%
Cash From Investing Activities -$303.0M $550.0M $661.0M
YoY Change -127.82% -16.79% 20.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -342.0M -322.0M -469.0M
YoY Change -26.92% -31.34% 206.54%
NET CHANGE
Cash From Operating Activities 796.0M -138.0M -165.0M
Cash From Investing Activities -303.0M 550.0M 661.0M
Cash From Financing Activities -342.0M -322.0M -469.0M
Net Change In Cash 151.0M 90.00M 27.00M
YoY Change -72.5% 233.33% -122.13%
FREE CASH FLOW
Cash From Operating Activities $796.0M -$138.0M -$165.0M
Capital Expenditures -$1.000M -$1.000M -$1.000M
Free Cash Flow $797.0M -$137.0M -$164.0M
YoY Change -1238.57% -16.46% -68.34%

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">MBIA Inc. and Subsidiaries</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Notes to Consolidated Financial Statements</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (Unaudited)</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Note 1: Business Developments and Risks and Uncertainties</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Summary</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">MBIA Inc., together with its consolidated subsidiaries, (collectively, &#8220;MBIA&#8221; or the &#8220;Company&#8221;) operates one of the largest financial guarantee insurance businesses in the industry and is a provider of asset management and advisory services. These activities are managed through three business segments: United States (&#8220;U.S.&#8221;) public finance insurance; structured finance and international insurance; and advisory services. The Company's U.S. public finance insurance business is primarily operated through National Public Finance Guarantee Corporation and its subsidiaries (&#8220;National&#8221;), its structured finance and international insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (&#8220;MBIA Corp.&#8221;), and its asset management and advisory services business is primarily operated through Cutwater Holdings, LLC and its subsidiaries (&#8220;Cutwater&#8221;). The holding company, MBIA, and certain of its subsidiaries also manage certain other business activities, the results of which are reported in its corporate, asset/liability products, and conduit segments. The corporate segment includes revenues and expenses that arise from general corporate activities. While the asset/liability products and conduit businesses represent separate business segments, they may be referred to collectively as &#8220;wind-down operations&#8221; as the funding programs managed through those businesses are in wind-down. Refer to &#8220;Note 11: Business Segments&#8221; for further information about the Company's reporting segments.</font></p><p style='margin-top:13.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Business Developments</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Operating Cost Reductions</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In order to better position the Company for future business opportunities, in the third quarter of 2013, the Company initiated cost reduction measures focused on its legal, consulting, staffing and head office occupancy costs. As a result, expenses for net compensation costs related to staff reductions totaled $</font><font style="font-family:Times New Roman;font-size:10pt;">18</font><font style="font-family:Times New Roman;font-size:10pt;"> million and were recorded primarily during the third quarter of 2013. These expenses are included in &#8220;Operating expenses&#8221; on the Company's consolidated statements of operations. These staff reductions reduced its worldwide June 30, 2013 headcount by approximately </font><font style="font-family:Times New Roman;font-size:10pt;">21</font><font style="font-family:Times New Roman;font-size:10pt;">%. </font><font style="font-family:Times New Roman;font-size:10pt;">As a result of the potential sale of the office used in its operations</font><font style="font-family:Times New Roman;font-size:10pt;">, the Company recorded an impairment charge of $</font><font style="font-family:Times New Roman;font-size:10pt;">29</font><font style="font-family:Times New Roman;font-size:10pt;"> million on its Armonk, New York facility. The carrying value of the facility was adjusted to its fair market value, which was determined based on an independent third-party appraisal of the facility. This impairment charge is reflected in the results of </font><font style="font-family:Times New Roman;font-size:10pt;">the Company's U.S. public finance </font><font style="font-family:Times New Roman;font-size:10pt;">insurance </font><font style="font-family:Times New Roman;font-size:10pt;">segment and is </font><font style="font-family:Times New Roman;font-size:10pt;">reported within &#8220;Other net realized gains (losses)&#8221; on the Company's consolidated statements of operations.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In addition, during the nine months ended September 30, 2013, the Company incurred operating expenses of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">89</font><font style="font-family:Times New Roman;font-size:10pt;"> million related to settlement, consulting and legal expenses associated with the resolution of the litigation matters with Bank of America Corporation, Societe Generale, and Flagstar Bank. Refer below for discussions related to these settlements. </font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Bank of America Settlement</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In </font><font style="font-family:Times New Roman;font-size:10pt;">May </font><font style="font-family:Times New Roman;font-size:10pt;">of </font><font style="font-family:Times New Roman;font-size:10pt;">2013</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> MBIA Inc., together with its subsidiaries MBIA Corp. and Nationa</font><font style="font-family:Times New Roman;font-size:10pt;">l</font><font style="font-family:Times New Roman;font-size:10pt;">, entered into a comprehensive settlement agreement and related agreements (the </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;BofA </font><font style="font-family:Times New Roman;font-size:10pt;">Settlement Agreement</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">) with Bank of America Corporation and certain of its subsidiaries (</font><font style="font-family:Times New Roman;font-size:10pt;">collectively, &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Bank of America</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">)</font><font style="font-family:Times New Roman;font-size:10pt;">. As a result of the BofA Settlement Agreement, the repayment of MBIA Insurance Corporation's secured loan from National (the &#8220;National Secured Loan&#8221;) and recent credit ratings upgrades, the Company is </font><font style="font-family:Times New Roman;font-size:10pt;">currently evaluating strategies </font><font style="font-family:Times New Roman;font-size:10pt;">for re-entry into the U.S. public finance market</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">As of September 30, 2013, National was rated A with a stable outlook by Standard&#160;&amp; Poor's Financial Services LLC (&#8220;S&amp;P&#8221;) and Baa1 with a positive outlook by Moody's Investors Service, Inc. (&#8220;Moody's&#8221;). As of September 30, 2013, MBIA Insurance Corporation was rated B with a stable outlook by S&amp;P and B3 with a positive outlook by Moody's</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> The Company is considering </font><font style="font-family:Times New Roman;font-size:10pt;">obtaining ratings </font><font style="font-family:Times New Roman;font-size:10pt;">for National</font><font style="font-family:Times New Roman;font-size:10pt;"> from additional rating agencies</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Under the terms of the </font><font style="font-family:Times New Roman;font-size:10pt;">BofA </font><font style="font-family:Times New Roman;font-size:10pt;">Settlement Agreement, MBIA Corp. receive</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> a payment of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">1.7</font><font style="font-family:Times New Roman;font-size:10pt;"> billion, consisting of $</font><font style="font-family:Times New Roman;font-size:10pt;">1.6</font><font style="font-family:Times New Roman;font-size:10pt;"> billion </font><font style="font-family:Times New Roman;font-size:10pt;">of</font><font style="font-family:Times New Roman;font-size:10pt;"> cash</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">and $</font><font style="font-family:Times New Roman;font-size:10pt;">13</font><font style="font-family:Times New Roman;font-size:10pt;">6</font><font style="font-family:Times New Roman;font-size:10pt;"> million principal amount of MBIA Inc.'s </font><font style="font-family:Times New Roman;font-size:10pt;">5.70</font><font style="font-family:Times New Roman;font-size:10pt;">% Senior Notes due 2034. In exchange for such payment, MBIA Corp. </font><font style="font-family:Times New Roman;font-size:10pt;">agreed to </font><font style="font-family:Times New Roman;font-size:10pt;">dismiss the litigation commenced in September 2008 against Countrywide Home Loans, Inc. (</font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Countrywide</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">), among other parties, and later amended to include claims against Bank of America, relating to breaches of representations and warranties on certain MBIA-insured securitizations sponsored by Countrywide. Bank of America and MBIA also agreed to the commutation of all of the MBIA Corp. policies held by Bank of America, which ha</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> a notional insured amount of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">7.4</font><font style="font-family:Times New Roman;font-size:10pt;"> billion</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> of which $</font><font style="font-family:Times New Roman;font-size:10pt;">6.</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;"> billion </font><font style="font-family:Times New Roman;font-size:10pt;">we</font><font style="font-family:Times New Roman;font-size:10pt;">re policies insuring credit default swaps</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;CDS&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> held by Bank of America referencing </font><font style="font-family:Times New Roman;font-size:10pt;">commercial real estate (&#8220;CRE&#8221;) exposures</font><font style="font-family:Times New Roman;font-size:10pt;">. MBIA Corp. ha</font><font style="font-family:Times New Roman;font-size:10pt;">s </font><font style="font-family:Times New Roman;font-size:10pt;">no further payment obligations under the commuted </font><font style="font-family:Times New Roman;font-size:10pt;">policies. The New York State Department of Financial Services (&#8220;NYSDFS&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">) advised MBIA Corp.</font><font style="font-family:Times New Roman;font-size:10pt;"> that the NYSDFS did not object to the BofA Settlement Agreement. The $1.6 billion of cash received in connection with the BofA Settlement Agreement is included in &#8220;Proceeds from recoveries and reinsurance&#8221; presented under the heading &#8220;Cash flows from operating activities&#8221; on the Company's consolidated statements of cash flows.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Under the terms of the </font><font style="font-family:Times New Roman;font-size:10pt;">BofA </font><font style="font-family:Times New Roman;font-size:10pt;">Settlement Agreement, </font><font style="font-family:Times New Roman;font-size:10pt;">Blue Ridge Investments, L.L.C. (&#8220;Blue Ridge&#8221;), an affiliate of</font><font style="font-family:Times New Roman;font-size:10pt;"> Bank of America</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">receive</font><font style="font-family:Times New Roman;font-size:10pt;">d</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">a </font><font style="font-family:Times New Roman;font-size:10pt;">five-year warrant to purchase </font><font style="font-family:Times New Roman;font-size:10pt;">9.94</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">million shares of MBIA common stock at a price of $</font><font style="font-family:Times New Roman;font-size:10pt;">9.59</font><font style="font-family:Times New Roman;font-size:10pt;"> per share. Bank of America </font><font style="font-family:Times New Roman;font-size:10pt;">has also agreed to </font><font style="font-family:Times New Roman;font-size:10pt;">dismiss the pending litigation between the parties concerning the restructuring transactions announced by MBIA on February 18, 2009 (the </font><font style="font-family:Times New Roman;font-size:10pt;">&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">Transformation</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">) and the pending litigation between the parties concerning the senior debt </font><font style="font-family:Times New Roman;font-size:10pt;">c</font><font style="font-family:Times New Roman;font-size:10pt;">onsent </font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">olicitation completed by MBIA in the fourth quarter of 2012. In addition, Bank of </font><font style="font-family:Times New Roman;font-size:10pt;">America </font><font style="font-family:Times New Roman;font-size:10pt;">agreed to</font><font style="font-family:Times New Roman;font-size:10pt;"> withdraw the purported &#8220;notice of default&#8221; it sent in connection</font><font style="font-family:Times New Roman;font-size:10pt;"> with such consent solicitation.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Under the terms of the BofA Settlement Agreement, the dismissals of the litigations referenced above are initially being filed on a &#8220;without prejudice&#8221; basis.&#160;The parties will refile such dismissals on a &#8220;with prejudice&#8221; basis provided that, within the one-year period following execution of the BofA Settlement Agreement, none of </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">claims released pursuant to the BofA Settlement Agreement are reinstated and neither party is required to make a payment on any such released claims.&#160;The Company views the likelihood of such an event as remote, and thus expects that the litigation dismissals will be filed on a &#8220;with prejudice&#8221; basis at the expiration of such one-year period.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">MBIA Corp.'s policies insuring the</font><font style="font-family:Times New Roman;font-size:10pt;"> residential mortgage-backed securities (&#8220;</font><font style="font-family:Times New Roman;font-size:10pt;">RMBS</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> securitizations originated by Countrywide will continue to be in full force and effect, and MBIA Corp. will continue to make timely payment</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> of principal and interest </font><font style="font-family:Times New Roman;font-size:10pt;">if there are shortfalls </font><font style="font-family:Times New Roman;font-size:10pt;">when due under such policies. Bank of America will have no further representation and warranty liability with respect to the origination of the mortgage loans in the MBIA-insured Countrywide</font><font style="font-family:Times New Roman;font-size:10pt;"> and certain other</font><font style="font-family:Times New Roman;font-size:10pt;"> securitizations. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In addition, MBIA </font><font style="font-family:Times New Roman;font-size:10pt;">Insurance </font><font style="font-family:Times New Roman;font-size:10pt;">Corp</font><font style="font-family:Times New Roman;font-size:10pt;">oration</font><font style="font-family:Times New Roman;font-size:10pt;"> has entered into a $</font><font style="font-family:Times New Roman;font-size:10pt;">500</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">million three-year secured revolving credit agreement with</font><font style="font-family:Times New Roman;font-size:10pt;"> Blue Ridge (the &#8220;Blue Ridge Secured Loan&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> During the third quarter of 2013, MBIA Insurance Corporation borrowed $</font><font style="font-family:Times New Roman;font-size:10pt;">50</font><font style="font-family:Times New Roman;font-size:10pt;"> million under this agreement. </font><font style="font-family:Times New Roman;font-size:10pt;">Refer to &#8220;Note 9: Debt&#8221; for a discussion of the Blue Ridge Secured Loan.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The payment from Bank of America, including the MBIA Inc. </font><font style="font-family:Times New Roman;font-size:10pt;">notes</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">was </font><font style="font-family:Times New Roman;font-size:10pt;">used</font><font style="font-family:Times New Roman;font-size:10pt;"> by MBIA Corp.</font><font style="font-family:Times New Roman;font-size:10pt;"> to repay the outstanding balance and accrued interest on </font><font style="font-family:Times New Roman;font-size:10pt;">the National Secured Loan. T</font><font style="font-family:Times New Roman;font-size:10pt;">he</font><font style="font-family:Times New Roman;font-size:10pt;"> National S</font><font style="font-family:Times New Roman;font-size:10pt;">ecured </font><font style="font-family:Times New Roman;font-size:10pt;">L</font><font style="font-family:Times New Roman;font-size:10pt;">oan balance of $</font><font style="font-family:Times New Roman;font-size:10pt;">1.7</font><font style="font-family:Times New Roman;font-size:10pt;"> billion</font><font style="font-family:Times New Roman;font-size:10pt;"> as of</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">March 31, 2013</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> reduced to approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">1.6</font><font style="font-family:Times New Roman;font-size:10pt;"> billion </font><font style="font-family:Times New Roman;font-size:10pt;">prior to the Bank of America settlement </font><font style="font-family:Times New Roman;font-size:10pt;">as a result of the receipt of $</font><font style="font-family:Times New Roman;font-size:10pt;">110</font><font style="font-family:Times New Roman;font-size:10pt;"> million in settlement of Flagstar Bank's put</font><font style="font-family:Times New Roman;font-size:10pt;">-</font><font style="font-family:Times New Roman;font-size:10pt;">back obligation. </font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The value of the settlement is consistent with amounts recorded </font><font style="font-family:Times New Roman;font-size:10pt;">on</font><font style="font-family:Times New Roman;font-size:10pt;"> MBIA Corp.'s statutory balance sheet </font><font style="font-family:Times New Roman;font-size:10pt;">as of December 31, 2012</font><font style="font-family:Times New Roman;font-size:10pt;">. </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA Corp.'s </font><font style="font-family:Times New Roman;font-size:10pt;">liquidity and capital risk profile </font><font style="font-family:Times New Roman;font-size:10pt;">ha</font><font style="font-family:Times New Roman;font-size:10pt;">s substantially improved as a result of the settlement</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Pursuant to the anti-dilution provisions of warrants that were issued by MBIA to Warburg Pincus Private Equity X, L.P. and certain of its affiliates (&#8220;Warburg Pincus&#8221;) pursuant to </font><font style="font-family:Times New Roman;font-size:10pt;">an</font><font style="font-family:Times New Roman;font-size:10pt;"> Investment Agreement, dated as of December 10, 2007, as amended and restated as of February 6, 2008, by and between MBIA and Warburg Pincus, the </font><font style="font-family:Times New Roman;font-size:10pt;">exercise</font><font style="font-family:Times New Roman;font-size:10pt;"> price under such warrants </font><font style="font-family:Times New Roman;font-size:10pt;">was</font><font style="font-family:Times New Roman;font-size:10pt;"> decreased and the aggregate number of shares of MBIA common stock to be issued upon exercise of such warrants w</font><font style="font-family:Times New Roman;font-size:10pt;">as</font><font style="font-family:Times New Roman;font-size:10pt;"> increased, in each case as a result of the issuance of the warrant to B</font><font style="font-family:Times New Roman;font-size:10pt;">lue Ridge</font><font style="font-family:Times New Roman;font-size:10pt;">.&#160;The adjustments to the </font><font style="font-family:Times New Roman;font-size:10pt;">exercise</font><font style="font-family:Times New Roman;font-size:10pt;"> price and number of such underlying shares </font><font style="font-family:Times New Roman;font-size:10pt;">did </font><font style="font-family:Times New Roman;font-size:10pt;">not have a material dilutive effect on the MBIA common stock.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, under the Investment Agreement, Warburg Pincus has certain gross up rights that are triggered in connection with the offering by the Company of any equity securities. As such, in August of 2013, MBIA issued Warburg Pincus a five-year warrant to purchase </font><font style="font-family:Times New Roman;font-size:10pt;">1.91</font><font style="font-family:Times New Roman;font-size:10pt;"> million shares of MBIA common stock at an exercise price of $</font><font style="font-family:Times New Roman;font-size:10pt;">9.59</font><font style="font-family:Times New Roman;font-size:10pt;"> per share.</font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Societe Generale Settlement</font></p><p style='margin-top:4.5pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In May of 2013, the Company entered into an agreement with Societe Generale pursuant to which </font><font style="font-family:Times New Roman;font-size:10pt;">the Company c</font><font style="font-family:Times New Roman;font-size:10pt;">ommuted $</font><font style="font-family:Times New Roman;font-size:10pt;">4.2</font><font style="font-family:Times New Roman;font-size:10pt;"> billion of gross insured exposure comprising asset-backed securities (&#8220;ABS&#8221;) collateralized debt obligations (&#8220;CDOs&#8221;), structured commercial mortgage-backed securities (&#8220;CMBS&#8221;) pools and CRE CDOs. The amount MBIA paid to Societe Generale in consideration of commuting its insured exposure </font><font style="font-family:Times New Roman;font-size:10pt;">is </font><font style="font-family:Times New Roman;font-size:10pt;">consistent with MBIA Corp.'s </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2012 </font><font style="font-family:Times New Roman;font-size:10pt;">aggregate statutory loss reserves for the exposures commuted. Also, pursuant to the agreement, Societe Generale agreed to dismiss the pending litigation between the parties concerning the Transformation, which includes any appeals of the decision denying the Article 78 petition and the plenary case. </font></p><p style='margin-top:9pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Residential Capital LLC</font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"> </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Agreement</font></p><p style='margin-top:4.5pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In </font><font style="font-family:Times New Roman;font-size:10pt;">May of </font><font style="font-family:Times New Roman;font-size:10pt;">2013, the Company</font><font style="font-family:Times New Roman;font-size:10pt;"> and the other Consenting Claimants, Residential Capital LLC (&#8220;ResCap&#8221;) and Ally Financial Inc. (&#8220;Ally&#8221;),</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">agreed to the terms of a comprehensive plan agreement to support ResCap's Chapter 11 plan. The confirmation of ResCap's Chapter 11 plan would resolve MBIA Corp.'s claims against the Residential Funding Company, LLC (&#8220;RFC&#8221;), GMAC Mortgage LLC (&#8220;GMAC&#8221;) and ResCap estates, and Ally. In June of 2013, the bankruptcy court issued a Memorandum Opinion approving the Plan Support Agreement (the &#8220;Plan&#8221;). The Plan is now subject to voting by creditors as well as a confirmation hearing by the bankruptcy court. All creditor ballots were due back by October 21, 2013 and as of the date of this report, the results had not been tallied. There can be no assurance that the Plan will be confirmed.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">Refer to &#8220;Note 5: Loss and Loss Adjustment Expense Reserves&#8221; for a discussion of the ResCap agreement.</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Transformation Litigation </font></p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Subsequent to the </font><font style="font-family:Times New Roman;font-size:10pt;">B</font><font style="font-family:Times New Roman;font-size:10pt;">ofA</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">S</font><font style="font-family:Times New Roman;font-size:10pt;">ettlement</font><font style="font-family:Times New Roman;font-size:10pt;"> Agreement</font><font style="font-family:Times New Roman;font-size:10pt;"> and the Societe Generale settlement, all litigation brought originally by the group of eighteen domestic and international financial institutions relating to the establishment of National has been resolved. </font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Other</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">As of September 30, 2013, the liquidity position of MBIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Inc.</font><font style="font-family:Times New Roman;font-size:10pt;">, which consists of the liquidity positions of the Company's corporate segment and asset/liability products segment, was $</font><font style="font-family:Times New Roman;font-size:10pt;">282</font><font style="font-family:Times New Roman;font-size:10pt;"> million compared with $</font><font style="font-family:Times New Roman;font-size:10pt;">239</font><font style="font-family:Times New Roman;font-size:10pt;"> million as of December 31, 2012. </font><font style="font-family:Times New Roman;font-size:10pt;">Subsequent to September 30, 2013, National declared and paid a dividend of $</font><font style="font-family:Times New Roman;font-size:10pt;">214</font><font style="font-family:Times New Roman;font-size:10pt;"> million to </font><font style="font-family:Times New Roman;font-size:10pt;">its </font><font style="font-family:Times New Roman;font-size:10pt;">ultimate </font><font style="font-family:Times New Roman;font-size:10pt;">parent, </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA Inc.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">During the </font><font style="font-family:Times New Roman;font-size:10pt;">nine months ended </font><font style="font-family:Times New Roman;font-size:10pt;">September 30, 2013, $</font><font style="font-family:Times New Roman;font-size:10pt;">115</font><font style="font-family:Times New Roman;font-size:10pt;"> million was released from an escrow account under the MBIA group's tax sharing agreement (the &#8220;Tax Escrow Account&#8221;), which result</font><font style="font-family:Times New Roman;font-size:10pt;">ed in an increase to MBIA's liquidity position. Management believes that MBIA can support its operating needs for the foreseeable future primarily from </font><font style="font-family:Times New Roman;font-size:10pt;">its existing liquidity position, expected subsidiary dividends and </font><font style="font-family:Times New Roman;font-size:10pt;">additional anticipated releases of assets from the Tax Escrow Account, which releases are subject to the risk</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> of National incurring net </font><font style="font-family:Times New Roman;font-size:10pt;">tax losses in the future and</font><font style="font-family:Times New Roman;font-size:10pt;">/or</font><font style="font-family:Times New Roman;font-size:10pt;"> declines in the value of the assets held in the Tax Escrow Account. As of September 30, 2013 and December 31, 2012, MBIA Corp.'s cash and liquid assets</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">that were immediately available, totaled </font><font style="font-family:Times New Roman;font-size:10pt;">$</font><font style="font-family:Times New Roman;font-size:10pt;">97</font><font style="font-family:Times New Roman;font-size:10pt;"> million and $</font><font style="font-family:Times New Roman;font-size:10pt;">345</font><font style="font-family:Times New Roman;font-size:10pt;"> million, respectively. The Company believes MBIA Corp.'s current liquidity position, together with future cash inflows and amounts available under </font><font style="font-family:Times New Roman;font-size:10pt;">the Blue Ridge Secured Loan</font><font style="font-family:Times New Roman;font-size:10pt;">, is adequate to make expected future claim payments.</font></p><p style='margin-top:0pt; margin-bottom:9pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The combination of commutation payments to reduce liabilit</font><font style="font-family:Times New Roman;font-size:10pt;">ies and claim payments have placed liquidity pressure on MBIA Corp. MBIA Corp. continues to seek to reduce both the absolute amount and the volatility of its obligations and potential future claim payments through the execution of commutations of insurance policies. </font><font style="font-family:Times New Roman;font-size:10pt;">During the nine months ended September 30, 2013, MBIA Corp. </font><font style="font-family:Times New Roman;font-size:10pt;">c</font><font style="font-family:Times New Roman;font-size:10pt;">ommuted $</font><font style="font-family:Times New Roman;font-size:10pt;">19.9</font><font style="font-family:Times New Roman;font-size:10pt;"> billion of gross insured exposure, primarily comprising </font><font style="font-family:Times New Roman;font-size:10pt;">structured CMBS pools, </font><font style="font-family:Times New Roman;font-size:10pt;">investment grade CDOs, ABS CDOs, </font><font style="font-family:Times New Roman;font-size:10pt;">first-lien subprime</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">RMBS, </font><font style="font-family:Times New Roman;font-size:10pt;">high</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">yield </font><font style="font-family:Times New Roman;font-size:10pt;">corporate </font><font style="font-family:Times New Roman;font-size:10pt;">CDOs,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">CRE CDOs, structured </font><font style="font-family:Times New Roman;font-size:10pt;">insurance securities</font><font style="font-family:Times New Roman;font-size:10pt;"> and first-lien alternative A-paper (&#8220;Alt-A&#8221;) RMBS</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:13.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Risks and Uncertainties</font></p><p style='margin-top:0pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Company's financial statements include estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause the Company to revise its estimates and assumptions or could cause actual results to differ from the Company's estimates. While the Company believes it continues to have sufficient capital and liquidity to meet all of its expected obligations, if one or more possible adverse outcomes were to be realized, its statutory capital, financial position, results of operations and cash flows could be materially and adversely affected. Significant risks and uncertainties that could affect amounts reported in the Company's financial statements in future periods include, but are not limited to, the following: </font></p><p style='margin-top:0pt; margin-bottom:4.5pt'></p><ul><li style="margin-left:36px;list-style:disc;"><font style="font-family:Times New Roman;font-size:10pt;">The amount and timing of potential claims from the Company's second-lien RMBS and remaining insured CMBS pools are potentially volatile, as are the projected collections of excess spread and the remaining put-back recoverables. However, management's expected liquidity and capital forecasts for MBIA Corp., which include expected availability of draws under the Blue Ridge Secured Loan and expected recoveries from the ResCap agreement, reflect adequate resources to pay expected claims. Further, the remaining insured portfolio, aside from these exposures, could deteriorate and result in loss reserves and claim payments. While management believes MBIA Corp. will have adequate resources to pay expected claims, if MBIA Corp. experiences higher than expected claim payments or is unable to commute the remaining exposures that represent substantial risk to the Company, MBIA Corp. may ultimately have insufficient resources to continue to pay claims, which could cause the NYSDFS to put MBIA Insurance Corporation into a rehabilitation or liquidation proceeding. Refer to &#8220;Note 5: Loss and Loss Adjustment Expense Reserves&#8221; for information about MBIA Corp.'s reserves and recoveries. </font></li></ul><p style='margin-top:0pt; margin-bottom:4.5pt'></p><ul><li style="margin-left:36px;list-style:disc;"><font style="font-family:Times New Roman;font-size:10pt;">The Company's ability to commute insured transactions is limited by available liquidity, including the availability of the Blue Ridge Secured Loan,</font><font style="font-family:Times New Roman;font-size:10pt;"> recoveries from the ResCap </font><font style="font-family:Times New Roman;font-size:10pt;">agre</font><font style="font-family:Times New Roman;font-size:10pt;">ement </font><font style="font-family:Times New Roman;font-size:10pt;">and the use of other available financing structures and liquidity, some of which could be subject to regulatory approval by the NYSDFS and/or the United Kingdom's (&#8220;U.K.&#8221;) Prudential Regulation Authority. 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MBIA Insurance Corporation has reported the deficit to the NYSDFS. </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, as of September 30, 2013, MBIA Insurance Corporation </font><font style="font-family:Times New Roman;font-size:10pt;">exceeded its aggregate risk limits and </font><font style="font-family:Times New Roman;font-size:10pt;">reported </font><font style="font-family:Times New Roman;font-size:10pt;">an </font><font style="font-family:Times New Roman;font-size:10pt;">overage related to its single risk limits under NYIL. 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While the NYSDFS has not </font><font style="font-family:Times New Roman;font-size:10pt;">taken action against </font><font style="font-family:Times New Roman;font-size:10pt;">MBIA Insurance Corporation, the NYSDFS may impose remedial actions for failing to meet these requirements.</font><font style="font-family:Times New Roman;font-size:10pt;"> </font></li><li style="margin-left:36px;list-style:disc;"><font style="font-family:Times New Roman;font-size:10pt;">MBIA Inc. continues to have liquidity risk. If invested asset performance deteriorates, or the flow of dividends from subsidiaries is interrupted, its liquidity position would be eroded over time. However, management believes that MBIA Inc. has sufficient liquidity resources to meet all of its obligations for the foreseeable future. In order to meet its liquidity requirements, MBIA Inc. may use free cash or other assets or use its ability to finance through intercompany or third-party facilities, although there can be no assurance that these strategies will be available or adequate. A failure by MBIA Inc. to settle liabilities that are also insured by MBIA Corp. could result in claims on MBIA Corp. </font></li><li style="margin-left:36px;list-style:disc;"><font style="font-family:Times New Roman;font-size:10pt;">Changes in fair value of insured credit derivatives can be caused by general market conditions</font><font style="font-family:Times New Roman;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;">volatility in </font><font style="font-family:Times New Roman;font-size:10pt;">M</font><font style="font-family:Times New Roman;font-size:10pt;">BIA</font><font style="font-family:Times New Roman;font-size:10pt;"> Corp.</font><font style="font-family:Times New Roman;font-size:10pt;">'s credit spreads</font><font style="font-family:Times New Roman;font-size:10pt;"> and volatility on the u</font><font style="font-family:Times New Roman;font-size:10pt;">nderlying collateral assets on insured credit derivatives</font><font style="font-family:Times New Roman;font-size:10pt;">. 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<p style='margin-top:4.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Recent </font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;">Accounting Developments</font><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"> </font></p><p style='margin-top:4.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0px;">Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11)</font></p><p style='margin-top:4.5pt; margin-bottom:4.5pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In </font><font style="font-family:Times New Roman;font-size:10pt;">July </font><font style="font-family:Times New Roman;font-size:10pt;">201</font><font style="font-family:Times New Roman;font-size:10pt;">3, the FASB issued ASU 2013-11, &#8220;Income Taxes </font><font style="font-family:Times New Roman;font-size:10pt;">(Topic </font><font style="font-family:Times New Roman;font-size:10pt;">74</font><font style="font-family:Times New Roman;font-size:10pt;">0)&#8212;</font><font style="font-family:Times New Roman;font-size:10pt;">Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists&#8221;</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> ASU 2013-11 requires presentation of an unrecognized tax benefit (&#8220;UTB&#8221;) as a reduction to a deferred tax asset when a net operating loss (&#8220;NOL&#8221;) carryforward, a similar tax loss, or a tax credit carryforward exists in the same tax year and jurisdiction as the UTB. ASU 2013-11 does not affect the recognition or measurement of uncertain tax positions under &#8220;Income Taxes (Topic 740)&#8221; and does not affect any related tax disclosures. ASU 2013-11 is effective </font><font style="font-family:Times New Roman;font-size:10pt;">for</font><font style="font-family:Times New Roman;font-size:10pt;"> interim and annual periods</font><font style="font-family:Times New Roman;font-size:10pt;"> beginning January 1, 2014 with early adoption permitted. The Company currently presents</font><font style="font-family:Times New Roman;font-size:10pt;"> any UTBs as a reduction to a deferred tax asset in accordance with ASU 2013-11 as all of its UTBs relate to the same tax years and jurisdictions in which NOLs exist, therefore, </font><font style="font-family:Times New Roman;font-size:10pt;">this standard </font><font style="font-family:Times New Roman;font-size:10pt;">will not affect the Company's consolidated balance sheets, results of operations</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> or cash flows</font><font style="font-family:Times New Roman;font-size:10pt;">.</font></p><p style='margin-top:4.5pt; margin-bottom:4.5pt'>&#160;</p>
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