$MBI
MBIA INC

2015 Q1 Form 10-Q Financial Statement

#000119312515182101 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $219.0M $577.0M
YoY Change -62.05% 163.47%
Cost Of Revenue -$6.000M $50.00M
YoY Change -112.0% -125.77%
Gross Profit $225.0M $527.0M
YoY Change -57.31% 27.6%
Gross Profit Margin 102.74% 91.33%
Selling, General & Admin $48.00M $56.00M
YoY Change -14.29% -54.1%
% of Gross Profit 21.33% 10.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $48.00M $56.00M
YoY Change -14.29% -54.1%
Operating Profit $177.0M $471.0M
YoY Change -62.42% 61.86%
Interest Expense $50.00M $54.00M
YoY Change -7.41% -10.0%
% of Operating Profit 28.25% 11.46%
Other Income/Expense, Net
YoY Change
Pretax Income $113.0M $404.0M
YoY Change -72.03% 87.91%
Income Tax $44.00M $148.0M
% Of Pretax Income 38.94% 36.63%
Net Earnings $69.00M $256.0M
YoY Change -73.05% 56.1%
Net Earnings / Revenue 31.51% 44.37%
Basic Earnings Per Share $0.37 $1.33
Diluted Earnings Per Share $0.37 $1.32
COMMON SHARES
Basic Shares Outstanding 181.7M shares 189.0M shares
Diluted Shares Outstanding 182.7M shares 190.3M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $627.0M $733.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.48B $12.28B
YoY Change 1.65% -11.52%
Other Assets $991.0M $946.0M
YoY Change 4.76% -17.45%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $15.90B $16.09B
YoY Change -1.19% -25.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $8.855B $8.850B
YoY Change 0.06% -20.93%
Other Long-Term Liabilities $747.0M $673.0M
YoY Change 11.0% -80.95%
Total Long-Term Liabilities $9.602B $9.523B
YoY Change 0.83% -35.32%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $9.602B $9.523B
Total Liabilities $11.98B $12.46B
YoY Change -3.91% -31.84%
SHAREHOLDERS EQUITY
Retained Earnings $2.927B $2.545B
YoY Change 15.01% 15.52%
Common Stock $282.0M $281.0M
YoY Change 0.36% 1.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.436B $2.324B
YoY Change 4.82% 0.65%
Treasury Stock Shares 86.09M shares
Shareholders Equity $3.919B $3.604B
YoY Change
Total Liabilities & Shareholders Equity $15.92B $16.09B
YoY Change -1.07% -25.5%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $69.00M $256.0M
YoY Change -73.05% 56.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.000M -$424.0M
YoY Change -97.88% 443.59%
INVESTING ACTIVITIES
Capital Expenditures $1.000M $1.000M
YoY Change 0.0%
Acquisitions
YoY Change
Other Investing Activities -$24.00M $0.00
YoY Change -100.0%
Cash From Investing Activities $120.0M $210.0M
YoY Change -42.86% -34.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.00M $0.00
YoY Change
Debt Paid & Issued, Net $11.00M $0.00
YoY Change -100.0%
Cash From Financing Activities -256.0M -312.0M
YoY Change -17.95% 3.65%
NET CHANGE
Cash From Operating Activities -9.000M -424.0M
Cash From Investing Activities 120.0M 210.0M
Cash From Financing Activities -256.0M -312.0M
Net Change In Cash -145.0M -526.0M
YoY Change -72.43% 839.29%
FREE CASH FLOW
Cash From Operating Activities -$9.000M -$424.0M
Capital Expenditures $1.000M $1.000M
Free Cash Flow -$10.00M -$425.0M
YoY Change -97.65% 444.87%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2015Q1 us-gaap Preferred Stock Shares Outstanding
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CY2015Q1 us-gaap Comprehensive Income Net Of Tax
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CY2014Q4 mbi Number Of Policies
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CY2014Q4 us-gaap Preferred Stock Shares Issued
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CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >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='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Revenue from Contracts with Customers (Topic 606) (ASU 2014-09)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In May of 2014, the FAS</font><font style='font-family:Times New Roman;font-size:10pt;' >B issued ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; ASU 2014-09 amends the accounting guidance for recognizing revenue for the transfer of goods or services from contracts with customers unless those contracts are within the scope of</font><font style='font-family:Times New Roman;font-size:10pt;' > other accounting standards. ASU 2014-09 is effective for interim and annual periods beginning January 1, 2017, and is applied on a retrospective or modified retrospective basis. The Company is evaluating the impact of adopting ASU 2014-09.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Compensation-St</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >ock Compensation (Topic 718</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;' > &#8212;</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;' >Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (A Consensus of the FASB Emerging Issues Task Force) (ASU 2014-12)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In June </font><font style='font-family:Times New Roman;font-size:10pt;' >of 2014, the FASB issued ASU 2014-12, &#8220;Compensation-Stock Compensation (Topic 718)-Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.&#8221; ASU 2014-12 requires </font><font style='font-family:Times New Roman;font-size:10pt;' >that a performance target that affects vesting of share-based payment awards and that could be achieved after an employee&#8217;s requisite service period be accounted for as a performance condition. ASU 2014-12 is effective for interim and annual periods beginn</font><font style='font-family:Times New Roman;font-size:10pt;' >ing January 1, 2016 with early adoption permitted, and is applied on a prospective basis or retrospective basis. The adoption of ASU 2014-12 is not expected to materially impact the Company&#8217;s consolidated financial statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Consolidation (Topic 810)</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;' >&#8212;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (ASU 2014-</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >13</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >) </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In August of 2014, the FASB issued ASU 2014-13, &#8220;Consolidation (Topic 810)-Measuring the Financial Assets and the Financial Liabil</font><font style='font-family:Times New Roman;font-size:10pt;' >ities of a Consolidated Collateralized Financing Entity.&#8221;</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;' >ASU 2014-13 applies to a consolidated collateralized financing entity defined as a consolidated </font><font style='font-family:Times New Roman;font-size:10pt;' >variable interest entity (&#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >VIE</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' > that holds financial assets and issues beneficial interests in those </font><font style='font-family:Times New Roman;font-size:10pt;' >financial assets that are classified as financial liabilities. </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company</font><font style='font-family:Times New Roman;font-size:10pt;' > may elect to measure the financial assets and the financial liabilities of a consolidated collateralized financing entity using a measurement alternative provided in ASU 2014-</font><font style='font-family:Times New Roman;font-size:10pt;' >13</font><font style='font-family:Times New Roman;font-size:10pt;' >. Th</font><font style='font-family:Times New Roman;font-size:10pt;' >e measurement alternative requires both the financial assets and the financial liabilities of the consolidated collateralized financing entity to be measured using the more observable of the fair value of the financial assets and the fair value of the fina</font><font style='font-family:Times New Roman;font-size:10pt;' >ncial liabilities with the changes in fair value recognized to earnings. Upon adoption, a reporting entity may apply the measurement alternative to existing consolidated collateralized financing entities. ASU 2014-</font><font style='font-family:Times New Roman;font-size:10pt;' >13</font><font style='font-family:Times New Roman;font-size:10pt;' > is effective for interim and annual per</font><font style='font-family:Times New Roman;font-size:10pt;' >iods beginning January 1, 2016 with early adoption permitted. The adoption of ASU 2014-</font><font style='font-family:Times New Roman;font-size:10pt;' >13</font><font style='font-family:Times New Roman;font-size:10pt;' > is not expected to materially impact the Company&#8217;s consolidated financial statements.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Presentation of Financial Statements</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >&#8212;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Going Concern (Subtopic 205-40): Disclosure</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern</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;' >(ASU 2014-</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >15</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >)</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In August of 2014, the FASB issued ASU 2014-15, &#8220;Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#8217;s Ab</font><font style='font-family:Times New Roman;font-size:10pt;' >ility to Continue as a Going Concern.&#8221; ASU 2014-15 requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity&#8217;s ability to continue as a going concern, and to provide certain disclosures when it is </font><font style='font-family:Times New Roman;font-size:10pt;' >probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period end</font><font style='font-family:Times New Roman;font-size:10pt;' >ing</font><font style='font-family:Times New Roman;font-size:10pt;' > December 31, 2016 and for annual periods and i</font><font style='font-family:Times New Roman;font-size:10pt;' >nterim periods thereafter with early adoption permitted. </font><font style='font-family:Times New Roman;font-size:10pt;' >The adoption of ASU 2014-15 is not expected to materially impact the Company&#8217;s consolidated financial statements.</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Consolidation (Topic 810) </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >&#8212;Amendments to the Consolidation Analysis </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >(ASU 2015-02)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In</font><font style='font-family:Times New Roman;font-size:10pt;' > February of 2015, the FASB issued ASU 2015-02, &#8220;Consolidation (Topic 810)</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >&#8212;</font><font style='font-family:Times New Roman;font-size:10pt;' >Amendments to the Consolidation Analysis</font><font style='font-family:Times New Roman;font-size:10pt;' >.&#8221; ASU 2015-02 amends the accounting guidance for consolidation of legal entities including </font><font style='font-family:Times New Roman;font-size:10pt;' >VIEs</font><font style='font-family:Times New Roman;font-size:10pt;' >. ASU 2015-02 eliminates the specialized cons</font><font style='font-family:Times New Roman;font-size:10pt;' >olidation model and guidance for limited partnerships, amends the conditions for evaluating whether a fee paid to a decision maker or a service provider represents a variable interest in a VIE, amends the related party guidance for the determination of the</font><font style='font-family:Times New Roman;font-size:10pt;' > primary beneficiary of a VIE, and requires certain investment funds designed as </font><font style='font-family:Times New Roman;font-size:10pt;' >VIEs</font><font style='font-family:Times New Roman;font-size:10pt;' >, except money market funds, to apply the amended consolidation guidance. ASU 2015-02 is effective for interim and annual periods beginning January 1, 2016 with early adop</font><font style='font-family:Times New Roman;font-size:10pt;' >tion permitted, and is applied on a retrospective or modified retrospective basis. The Company is evaluating the impact of adopting ASU 2015-02.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 201</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >5-03)</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In April of 20</font><font style='font-family:Times New Roman;font-size:10pt;' >15, the FASB issued ASU 2015-03</font><font style='font-family:Times New Roman;font-size:10pt;' >, &#8220;Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#8221; ASU 2015-03 requires debt issuance costs related to a debt liability measured at amortized cost t</font><font style='font-family:Times New Roman;font-size:10pt;' >o be reported in the balance sheet as a direct deduction from the face amount of the debt liability. ASU 2015-03 is e</font><font style='font-family:Times New Roman;font-size:10pt;' >ffective for interim and annual </font><font style='font-family:Times New Roman;font-size:10pt;' >periods beginning January 1, 2016 with early adoption permitted, and is applied on a retrospective basis. </font><font style='font-family:Times New Roman;font-size:10pt;' >The adoption of ASU 2015-03 is not expected to materially impact the Company&#8217;s consolidated financial statements.</font></p><p style='text-align:left;line-height:12pt;' ></p></div>
CY2014Q1 mbi Other Comprehensive Income Unrealized Holding Gain Loss Arising During Period On Securities With Other Than Temporary Impairment Losses Before Tax
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3000000 USD
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CY2015Q1 mbi Segment Pretax Income Loss
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CY2015Q1 us-gaap Stockholders Equity
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3919000000 USD
CY2014Q1 us-gaap Earnings Per Share Basic
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1.33
CY2014Q1 mbi Other Comprehensive Income Unrealized Holding Gain Loss Arising During Period On Securities With Other Than Temporary Impairment Losses Tax
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CY2014Q1 us-gaap Income Taxes Paid Net
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542000000 USD
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<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note 1: Business Developments and Risks and Uncertainties</font></p><p style='text-align:left;margin-top:13pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Summary</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc., together with its consolidated subsidiaries, (collectively, &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; or the &#8220;Company&#8221;) operates one of the largest financial guarantee insurance businesses in the industry and was a provider of asset management and advisory </font><font style='font-family:Times New Roman;font-size:10pt;' >services. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > manages three operating segments: 1) United States (&#8220;U.S.&#8221;) public finance insurance; 2) international and structured finance insurance; and 3) corporate.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company&#8217;s U.S. public finance insurance business is primarily operated through Nat</font><font style='font-family:Times New Roman;font-size:10pt;' >ional Public Finance Guarantee Corporation and its subsidiaries (&#8220;National&#8221;) and its international and structured finance insurance business is primarily operated through </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Insurance Corporation and its subsidiaries (&#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp.&#8221;). Unless otherwise indi</font><font style='font-family:Times New Roman;font-size:10pt;' >cated or the context otherwise requires, references to &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp.&#8221; are to </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Insurance Corporation, together with its subsidiaries, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > UK Insurance Limited (&#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > UK&#8221;) and </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Mexico S.A. de C.V. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Prior to 2015, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > managed two other operating segm</font><font style='font-family:Times New Roman;font-size:10pt;' >ents, advisory services and conduit. The advisory services segment was primarily operated through Cutwater Holdings, LLC and its subsidiaries (&#8220;Cutwater&#8221;). Effective on January 1, 2015, the Company exited its advisory services business through the sale of </font><font style='font-family:Times New Roman;font-size:10pt;' >Cutwater. During the second quarter of 2014, the Company dissolved its conduit segment through the liquidation of Meridian Funding Company, LLC. </font><font style='font-family:Times New Roman;font-size:10pt;' >Refer to &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 10: Business Segments</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; for further information about the Company&#8217;s operating segments.</font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Business Developments</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:0pt;line-height:13.8pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Na</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >tional Ratings and New Business Opportunities</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >National&#8217;s ability to write new business and compete with other financial guarantors is largely dependent on the financial strength ratings assigned to National by major rating agencies. As of </font><font style='font-family:Times New Roman;font-size:10pt;' >March 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2015</font><font style='font-family:Times New Roman;font-size:10pt;' >, National was rated </font><font style='font-family:Times New Roman;font-size:10pt;' >AA+ with a stable outlook by Kroll Bond Rating Agency, AA</font><font style='font-family:Times New Roman;font-size:10pt;' >- with a stable outlook</font><font style='font-family:Times New Roman;font-size:10pt;' > by </font><font style='font-family:Times New Roman;font-size:10pt;' >Standard&#160;&amp; Poor&#8217;s Financial Services LLC (&#8220;S&amp;P&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' >, and A3 with a negative outlook by </font><font style='font-family:Times New Roman;font-size:10pt;' >Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;)</font><font style='font-family:Times New Roman;font-size:10pt;' >. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >National seeks to </font><font style='font-family:Times New Roman;font-size:10pt;' >generate shareholder value through appropriate risk adjusted pricing; however, current market conditions and the competitive landscape may limit National&#8217;s new business opportunities and its abilities to price and underwrite risk with attractive returns.&#160;R</font><font style='font-family:Times New Roman;font-size:10pt;' >efer to &#8220;Risks and Uncertainties&#8221; below for a discussion of business risks related to National&#8217;s insured portfolio.</font></p><p style='text-align:left;margin-top:13.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > Corp. Risk Reductions</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp.&#8217;s primary focus is the collection of excess spread and put-back recoveries and the mitigation of </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >Corp.&#8217;s insurance exposures, primarily through commutations of insurance policies. </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp. may make negotiated settlement payments to counterparties and/or forego its right to all or</font><font style='font-family:Times New Roman;font-size:10pt;' > some termination premiums when it commutes insurance exposures. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Held </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >For Sale Classifications</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Armonk, New York Facility</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >In May of 2015, the Company sold its Armonk, New York facility. </font><font style='font-family:Times New Roman;font-size:10pt;' >For</font><font style='font-family:Times New Roman;font-size:10pt;' > the three months ended March 31, 2015, the Company recorded an impairment charge of $</font><font style='font-family:Times New Roman;font-size:10pt;' >4</font><font style='font-family:Times New Roman;font-size:10pt;' > million to adjust the carrying amount to the </font><font style='font-family:Times New Roman;font-size:10pt;' >sales price less costs to sell. The impairment charge was reflected in the results of the Company&#8217;s U.S. public finance insurance segment and included in &#8220;Other net realized gains (losses)&#8221; on the C</font><font style='font-family:Times New Roman;font-size:10pt;' >ompany&#8217;s consolidated statements of operations. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Sale of </font><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;' >Cutwater Business</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >As a result of the agreement to sell Cutwater, the assets and liabilities of Cutwater were classified as held for sale as of December 31, 2014 and presented within &#8220;Assets held for</font><font style='font-family:Times New Roman;font-size:10pt;' > sale&#8221; and &#8220;Liabilities held for sale&#8221; on the Company&#8217;s consolidated balance sheet and measured at the lower of its carrying value or fair value less cost to sell. The Company completed this sale effective </font><font style='font-family:Times New Roman;font-size:10pt;' >January 1, 2015, and recorded a gain of approximat</font><font style='font-family:Times New Roman;font-size:10pt;' >ely $</font><font style='font-family:Times New Roman;font-size:10pt;' >24</font><font style='font-family:Times New Roman;font-size:10pt;' > million. This gain was reflected in the results of the Company&#8217;s corporate segment and included in </font><font style='font-family:Times New Roman;font-size:10pt;' >&#8220;Other net realized gains (losses)&#8221; on the Company&#8217;s consolidated statements of operations.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' > </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;text-decoration:underline;margin-left:0pt;' >Assets and Liabilities Held for Sale by Major Category</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The following table summarizes the components of assets and liabilities held for sale as of </font><font style='font-family:Times New Roman;font-size:10pt;' >March 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2015</font><font style='font-family:Times New Roman;font-size:10pt;' > and </font><font style='font-family:Times New Roman;font-size:10pt;' >December 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2014</font><font style='font-family:Times New Roman;font-size:10pt;' >:</font></p><p style='text-align:left;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:9.75pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ></td><td style='width:15pt;text-align:center;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:left;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:left;border-color:Black;min-width:96.75pt;' ></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:left;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:left;border-color:Black;min-width:97.5pt;' ></td><td style='width:15pt;text-align:center;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:9.75pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td colspan='3' rowspan='1' style='width:258.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >In millions</font></td><td style='width:15pt;text-align:center;border-color:Black;min-width:15pt;' ></td><td colspan='2' rowspan='1' style='width:104.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;border-color:Black;min-width:104.25pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >March 31, 2015</font></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td colspan='2' rowspan='1' style='width:105pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;border-color:Black;min-width:105pt;' ><font style='font-family:Times New Roman;font-size:8.5pt;font-weight:bold;color:#000000;' >December 31, 2014</font></td><td style='width:15pt;text-align:center;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td colspan='3' rowspan='1' style='width:258.75pt;border-top-style:solid;border-top-width:1;text-align:left;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Assets</font></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;border-top-style:solid;border-top-width:1;text-align:left;border-color:Black;min-width:96.75pt;' ></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;text-align:left;border-color:Black;min-width:97.5pt;' ></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Investments carried at fair value</font></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >6</font></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Cash and cash equivalents</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:left;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:left;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >15</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Facility</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:left;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >22</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:left;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >26</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Other assets</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >4</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Assets of consolidated variable interest entities:</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Cash</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >40</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Loans receivable at fair value</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >711</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > Total assets held for sale</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:96.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >22</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >802</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:5.25pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;border-top-style:double;border-top-width:3;text-align:right;border-color:Black;min-width:96.75pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:double;border-top-width:3;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;border-top-style:double;border-top-width:3;text-align:right;border-color:Black;min-width:97.5pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td colspan='3' rowspan='1' style='width:258.75pt;text-align:left;border-color:Black;min-width:258.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' >Liabilities</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Other liabilities </font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >18</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td colspan='2' rowspan='1' style='width:242.25pt;text-align:left;border-color:Black;min-width:242.25pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Liabilities of consolidated variable interest entities:</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:left;border-color:Black;min-width:96.75pt;' ></td><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:left;border-color:Black;min-width:97.5pt;' ></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Variable interest entity notes</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >431</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Payable for loans purchased</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:96.75pt;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;text-align:center;border-color:Black;min-width:7.5pt;' ></td><td style='width:97.5pt;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >323</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr><tr style='height:12pt;' ><td style='width:15pt;text-align:left;border-color:Black;min-width:15pt;' ></td><td style='width:16.5pt;text-align:left;border-color:Black;min-width:16.5pt;' ></td><td style='width:15.75pt;text-align:left;border-color:Black;min-width:15.75pt;' ></td><td style='width:226.5pt;text-align:left;border-color:Black;min-width:226.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;color:#000000;' > Total liabilities held for sale</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:96.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;border-color:Black;min-width:96.75pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td><td style='width:7.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:center;border-color:Black;min-width:7.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >$</font></td><td style='width:97.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;border-color:Black;min-width:97.5pt;' ><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >772</font></td><td style='width:15pt;text-align:right;border-color:Black;min-width:15pt;' ></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:left;margin-top:9pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Risks and Uncertainties</font></p><p style='text-align:left;margin-top:4.5pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The Company&#8217;s financial statements include estimates and assumptions that affect the reported amount</font><font style='font-family:Times New Roman;font-size:10pt;' >s of assets, liabilities, revenues and expenses. The outcome of certain significant risks and uncertainties could cause the Company</font><font style='font-family:Times New Roman;font-size:10pt;' > to revise its estimates and assumptions or could cause actual results to differ from the Company&#8217;s estimates. The discussion below highlights the significant risks and uncertainties that could have a material effect on the Company&#8217;s financial statements a</font><font style='font-family:Times New Roman;font-size:10pt;' >nd business objectives in future periods. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >U.S. Public Finance Market Conditions</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >National&#8217;s insured portfolio continued to perform satisfactorily against a backdrop of strengthening domestic economic activity. While this trend will generally benefit tax r</font><font style='font-family:Times New Roman;font-size:10pt;' >evenues and fees charged for essential municipal services which secure National&#8217;s insured bond portfolio, some state and local governments and territory obligors National insures remain under financial and budgetary stress. </font><font style='font-family:Times New Roman;font-size:10pt;' >This could lead to an in</font><font style='font-family:Times New Roman;font-size:10pt;' >crease in defaults by such entities on the payment of their obligations and losses or impairments on a greater number of the Company&#8217;s insured transactions. The Company monitors and analyzes these situations and other stressed credits closely, and the over</font><font style='font-family:Times New Roman;font-size:10pt;' >all extent and duration of this stress is uncertain. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' > Corp. Recoveri</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >es and Insured Portfolio </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >The amount and timing of projected collections from excess spread from second-lien residential mortgage-backed securities (&#8220;RMBS&#8221;) and the put-back recovera</font><font style='font-family:Times New Roman;font-size:10pt;' >ble from Credit Suisse Securities (USA) LLC, </font><font style='font-family:Times New Roman;font-size:10pt;' >DLJ</font><font style='font-family:Times New Roman;font-size:10pt;' > Mortgage Capital, Inc., and Select Portfolio Servicing Inc. (collectively, &#8220;Credit Suisse&#8221;) and the potential of claims from </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp.&#8217;s remaining insured exposures are uncertain. Further, the remaining ins</font><font style='font-family:Times New Roman;font-size:10pt;' >ured portfolio, aside from these exposures, could deteriorate and result in additional significant loss reserves and claim payments. Management&#8217;s expected liquidity and capital forecasts for </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp., which include expected put-back recoveries from Credi</font><font style='font-family:Times New Roman;font-size:10pt;' >t Suisse</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >and excess spread recoveries, reflect adequate resources to pay claims when due. However, if </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp. experiences higher than expected claim payments or is unable to terminate the remaining exposures that represent substantial risk to the Compan</font><font style='font-family:Times New Roman;font-size:10pt;' >y, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp. may ultimately have insufficient resources to continue to pay claims, which could cause the New York State Department of Financial Services (&#8220;NYSDFS&#8221;) to put </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Insurance Corporation, exclusive of </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > UK, into a rehabilitation or liquidati</font><font style='font-family:Times New Roman;font-size:10pt;' >on proceeding. Given the separation of </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc. and </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp. as distinct legal entities, the absence of any material intercompany lending agreements or cross defaults between the entities, and the lack of reliance by </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc. on </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp. for the rece</font><font style='font-family:Times New Roman;font-size:10pt;' >ipt of dividends, the Company does </font><font style='font-family:Times New Roman;font-size:10pt;' >not believe that a rehabilitation or liquidation proceeding of </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Insurance Corporation by NYSDFS would have any significant long-term liquidity impact on </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc. or result in a liquidation or similar proceeding of </font><font style='font-family:Times New Roman;font-size:10pt;' >MB</font><font style='font-family:Times New Roman;font-size:10pt;' >IA</font><font style='font-family:Times New Roman;font-size:10pt;' > UK.</font><font style='font-family:Times New Roman;font-size:10pt;' > Such a proceeding could have material adverse consequences for </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp., including the termination of insured credit default swaps (&#8220;CDS&#8221;) contracts for which counterparties may assert market-based claims, the acceleration of debt obligations issu</font><font style='font-family:Times New Roman;font-size:10pt;' >ed by affiliates and insured by </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp., the loss of control of </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Insurance Corporation to a rehabilitator or liquidator, and unplanned costs.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >Refer to &#8220;</font><font style='font-family:Times New Roman;font-size:10pt;' >Note 5: Loss and Loss Adjustment Expense Reserves</font><font style='font-family:Times New Roman;font-size:10pt;' >&#8221; for information about </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp.&#8217;s loss reserves and recoveries. </font></p><p style='text-align:left;margin-top:9pt;margin-bottom:4.5pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0pt;' >Corporate Liquidit</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >y </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:9pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:0pt;' >As of </font><font style='font-family:Times New Roman;font-size:10pt;' >March 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2015</font><font style='font-family:Times New Roman;font-size:10pt;' > and </font><font style='font-family:Times New Roman;font-size:10pt;' >December 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2014</font><font style='font-family:Times New Roman;font-size:10pt;' >, the liquidity position, which comprises cash and liquid assets available for general liquidity purposes, of the Company&#8217;s corporate segment was </font><font style='font-family:Times New Roman;font-size:10pt;' >$</font><font style='font-family:Times New Roman;font-size:10pt;' >567</font><font style='font-family:Times New Roman;font-size:10pt;' > million</font><font style='font-family:Times New Roman;font-size:10pt;' > and $</font><font style='font-family:Times New Roman;font-size:10pt;' >498</font><font style='font-family:Times New Roman;font-size:10pt;' > million, r</font><font style='font-family:Times New Roman;font-size:10pt;' >espectively. During the </font><font style='font-family:Times New Roman;font-size:10pt;' >three months ended</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >March 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2015</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;' >$</font><font style='font-family:Times New Roman;font-size:10pt;' >228</font><font style='font-family:Times New Roman;font-size:10pt;' > million was released to </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc. under the </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > group&#8217;s tax sharing agreement (the &#8220;Tax Escrow Account&#8221;). While </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc.&#8217;s liquidity position improved during the </font><font style='font-family:Times New Roman;font-size:10pt;' >three months ended</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >March 31,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2015</font><font style='font-family:Times New Roman;font-size:10pt;' > due to the Tax Escrow Account release, </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc. continues to have liquidity risk. If invested asset performance deteriorates or the flow of dividends from subsidiaries is interrupted and/or access to the capital markets is impai</font><font style='font-family:Times New Roman;font-size:10pt;' >red, its liquidity position could be eroded over time. </font><font style='font-family:Times New Roman;font-size:10pt;' >Based on </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc.&#8217;s debt service requirements and expected operating expenses, </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company expects that </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc. will </font><font style='font-family:Times New Roman;font-size:10pt;' >have </font><font style='font-family:Times New Roman;font-size:10pt;' >sufficient cash to satisfy its debt obligations and its general corporate ne</font><font style='font-family:Times New Roman;font-size:10pt;' >eds over time</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >from distributions from its operating subsidiaries and payments under the Tax Escrow Account once the payments become unrestricted,</font><font style='font-family:Times New Roman;font-size:10pt;' > however, </font><font style='font-family:Times New Roman;font-size:10pt;' >there can be no assurance that such sources will generate sufficient cash. In addition, a failure by </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Inc. to settle liabilities that are also insured by </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp. could result in claims on </font><font style='font-family:Times New Roman;font-size:10pt;' >MBIA</font><font style='font-family:Times New Roman;font-size:10pt;' > Corp.</font></p></div>
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145000000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
147000000 USD
CY2014Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
202000000 USD
CY2013Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
175000000 USD
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
173000000 USD
CY2014 us-gaap Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
InsuredFinancialObligationsWithCreditDeteriorationRemainingWeightedAverageContractPeriod
P7Y8M12D
CY2014Q4 mbi Lae Insurance Loss Recoverable
LaeInsuranceLossRecoverable
0 USD
CY2014Q4 us-gaap Reinsurance Receivables Incurred But Not Reported Claims
ReinsuranceReceivablesIncurredButNotReportedClaims
6000000 USD
CY2014Q4 mbi Reinsurance Recoverable On Unpaid Loss Adjustment Expenses
ReinsuranceRecoverableOnUnpaidLossAdjustmentExpenses
1000000 USD
CY2014Q4 us-gaap Reinsurance Receivables Case Basis
ReinsuranceReceivablesCaseBasis
7000000 USD
CY2015Q1 mbi Lae Insurance Loss Recoverable
LaeInsuranceLossRecoverable
0 USD
CY2015Q1 mbi Insurance Loss Recoverable
InsuranceLossRecoverable
527000000 USD
CY2015Q1 us-gaap Reinsurance Receivables Incurred But Not Reported Claims
ReinsuranceReceivablesIncurredButNotReportedClaims
6000000 USD
CY2015Q1 mbi Reinsurance Recoverable On Unpaid Loss Adjustment Expenses
ReinsuranceRecoverableOnUnpaidLossAdjustmentExpenses
1000000 USD
CY2015Q1 us-gaap Reinsurance Receivables Case Basis
ReinsuranceReceivablesCaseBasis
7000000 USD
CY2015Q1 mbi Contract Claims On Ineligible Mortgage Loans Inception To Date Incurred Loss On Transactions
ContractClaimsOnIneligibleMortgageLoansInceptionToDateIncurredLossOnTransactions
418000000 USD
CY2015Q1 us-gaap Disposal Date1
DisposalDate1
2015-01-01
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000814585
CY2015Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
244000000 USD
CY2014Q4 mbi Approximate Percentage Of Level3 Assets At Fair Value In Total Assets Measured At Fair Value
ApproximatePercentageOfLevel3AssetsAtFairValueInTotalAssetsMeasuredAtFairValue
0.2 pure
CY2014Q4 mbi Approximate Percentage Of Level3 Liabilities At Fair Value In Total Liabilities Measured At Fair Value
ApproximatePercentageOfLevel3LiabilitiesAtFairValueInTotalLiabilitiesMeasuredAtFairValue
0.35 pure
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42358006 shares
CY2014Q1 mbi Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition
UnvestedRestrictedStockAndUnitsThatReceiveNonforfeitableDividendsOrDividendEquivalentsThatHaveMetServiceCondition
405961 shares
CY2015Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
-6000000 USD
CY2014Q1 us-gaap Assets
Assets
16087000000 USD
CY2014Q4 mbi Derivative Fair Value Of Derivative Liability Net Of Counterparty Netting
DerivativeFairValueOfDerivativeLiabilityNetOfCounterpartyNetting
456000000 USD
CY2014Q4 mbi Other Liabilities And Derivative Liabilities Vie After Counterparty Netting And Embedded Reclass
OtherLiabilitiesAndDerivativeLiabilitiesVieAfterCounterpartyNettingAndEmbeddedReclass
437000000 USD
CY2014 mbi Number Of Credit Support Annexes
NumberOfCreditSupportAnnexes
1 pure
CY2014Q1 mbi Number Of Variable Interest Entities Consolidated
NumberOfVariableInterestEntitiesConsolidated
0 pure
CY2015Q1 us-gaap Variable Interest Entity Initial Consolidation Gain Or Loss
VariableInterestEntityInitialConsolidationGainOrLoss
0 USD
CY2014Q1 us-gaap Variable Interest Entity Initial Consolidation Gain Or Loss
VariableInterestEntityInitialConsolidationGainOrLoss
0 USD
CY2015Q1 us-gaap Assets
Assets
15915000000 USD
CY2014Q4 us-gaap Assets
Assets
16284000000 USD
CY2015Q1 mbi Accumulated Other Comprehensive Income Loss Deferred Income Tax
AccumulatedOtherComprehensiveIncomeLossDeferredIncomeTax
4000000 USD
CY2014Q4 mbi Accumulated Other Comprehensive Income Loss Deferred Income Tax
AccumulatedOtherComprehensiveIncomeLossDeferredIncomeTax
7000000 USD
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
69000000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
73000000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1258000000 USD
CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
733000000 USD
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17957392 shares
CY2015Q1 mbi Unvested Restricted Stock And Units That Receive Nonforfeitable Dividends Or Dividend Equivalents That Have Met Service Condition
UnvestedRestrictedStockAndUnitsThatReceiveNonforfeitableDividendsOrDividendEquivalentsThatHaveMetServiceCondition
678568 shares
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-24000000 USD
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2015Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
22000000 USD
CY2014Q1 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
142000000 USD
CY2015Q1 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
139000000 USD
CY2015Q1 mbi Revenue From Transactions With Other Operating Segments Of Same Entity
RevenueFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
CY2015Q1 mbi Expense From Transactions With Other Operating Segments Of Same Entity
ExpenseFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
CY2014Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1000000 USD
CY2015Q1 mbi Derivative Fair Value Of Derivative Liability Net Of Counterparty Netting
DerivativeFairValueOfDerivativeLiabilityNetOfCounterpartyNetting
481000000 USD
CY2015Q1 mbi Other Liabilities And Derivative Liabilities Vie After Counterparty Netting And Embedded Reclass
OtherLiabilitiesAndDerivativeLiabilitiesVieAfterCounterpartyNettingAndEmbeddedReclass
467000000 USD
CY2015Q1 us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
-83000000 USD
CY2014Q1 us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
-107000000 USD
CY2015Q1 us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
6000000 USD
CY2014Q1 us-gaap Increase Decrease In Loss And Loss Adjustment Expense Reserve
IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve
39000000 USD
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
2000000 USD
CY2014Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
5000000 USD

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