Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Text Block [Abstract]

Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables provide quantitative information regarding the significant unobservable inputs used by the Company for assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023:


			Fair Value as of								Range
			June 30,								(Weighted
In millions			2024				Valuation Techniques		Unobservable Input		Average)
Assets:
	Equity Investments		$	45			Discounted cash flow		Discount rate (1)
									EBITDA multiple (1)
									Initial inventory purchase excess factor (1)
							Type certificate		Discount rate (1)
									EBITDA royalty share (1)
	Loans carried at fair value			9			Discounted cash flow		Discount rate (1)
Assets of consolidated VIEs:
	Loans receivable at fair value			31			Market prices of similar liabilities adjusted for financial guarantees provided to VIE obligations		Impact of financial guarantee		27% - 27% (27%) (2)

(1) - Ranges for discount rate, EBITDA multiple, initial inventory purchase excess factor and EBITDA royalty share are not meaningful.

(2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.


			Fair Value as of								Range
			December 31,								(Weighted
In millions			2023				Valuation Techniques		Unobservable Input		Average)
Assets:
	Equity Investments		$	108			Discounted cash flow		EBITDA multiples (1)
									Discount rate (1)
									Weightings (1)
							Sum of the parts		Hard asset values (1)
									Type certificate values (1)
									Weightings (1)
Assets of consolidated VIEs:
	Loans receivable at fair value			35			Market prices of similar liabilities or internal cash flow models adjusted for financial guarantees provided to VIE obligations		Impact of financial guarantee		27% - 27% (27%) (2)
Liabilities of consolidated VIEs:
	Variable interest entity notes			78			Market prices of VIE assets adjusted for financial guarantees provided or market prices of similar liabilities		Impact of financial guarantee		74% - 74% (74%) (2)

(1) - Ranges for EBITDA multiples, discount rate, weightings, hard asset values and type certificate values are not meaningful.

(2) - Weighted average represents the total MBIA guarantees as a percentage of total instrument fair value.

Company's Assets And Liabilities Measured At Fair Value On Recurring Basis

The following tables present the fair value of the Company’s assets (including short-term investments) and liabilities measured and reported at fair value on a recurring basis as of June 30, 2024 and December 31, 2023:


						Fair Value Measurements at Reporting Date Using
						Quoted Prices in				Significant
						Active Markets				Other				Significant
						for Identical				Observable				Unobservable				Balance as of
						Assets				Inputs				Inputs				June 30,
In millions						(Level 1)				(Level 2)				(Level 3)				2024
Assets:
Fixed-maturity investments:
	U.S. Treasury and government agency					$	510			$	-			$	-			$	510
	State and municipal bonds						-				108				-				108
	Foreign governments						-				18				-				18
	Corporate obligations						-				456				10		(1)		466
	Mortgage-backed securities:
		Residential mortgage-backed agency					-				121				-				121
		Residential mortgage-backed non-agency					-				34				-				34
		Commercial mortgage-backed					-				11				-				11
	Asset-backed securities:
		Collateralized debt obligations					-				122				-				122
		Other asset-backed					-				36				-				36
			Total fixed-maturity investments				510				906				10				1,426
Money market securities							113				-				-				113
Equity investments							43				7				45				95
Cash and cash equivalents							195				-				-				195
Assets of consolidated VIEs:
	Cash						2				-				-				2
	Loans receivable at fair value:
		Residential loans receivable					-				-				31				31
Total assets						$	863			$	913			$	86			$	1,862
Liabilities:
Medium-term notes						$	-			$	-			$	36			$	36
Other liabilities:
	Insured credit derivatives						-				1				-				1
Liabilities of consolidated VIEs:
	Variable interest entity notes						-				-				31				31
	Currency derivatives						-				-				9				9
Total liabilities						$	-			$	1			$	76			$	77

(1) - Includes loans carried at fair value of $9 million.


						Fair Value Measurements at Reporting Date Using
						Quoted Prices in				Significant
						Active Markets				Other				Significant
						for Identical				Observable				Unobservable				Balance as of
						Assets				Inputs				Inputs				December 31,
In millions						(Level 1)				(Level 2)				(Level 3)				2023
Assets:
Fixed-maturity investments:
	U.S. Treasury and government agency					$	705			$	7			$	-			$	712
	State and municipal bonds						-				123				-				123
	Foreign governments						-				18				-				18
	Corporate obligations						-				496				1				497
	Mortgage-backed securities:
		Residential mortgage-backed agency					-				149				-				149
		Residential mortgage-backed non-agency					-				34				-				34
		Commercial mortgage-backed					-				14				-				14
	Asset-backed securities:
		Collateralized debt obligations					-				146				-				146
		Other asset-backed					-				46				-				46
			Total fixed-maturity investments				705				1,033				1				1,739
Money market securities							34				-				-				34
Equity investments							39				8				108				155
Cash and cash equivalents							104				-				-				104
Assets of consolidated VIEs:
	Mortgage-backed securities:
		Residential mortgage-backed non-agency					-				10				-				10
		Commercial mortgage-backed					-				10				-				10
	Asset-backed securities:
		Collateralized debt obligations					-				1				-				1
		Other asset-backed					-				1				-				1
	Cash						3				-				-				3
	Loans receivable at fair value:
		Residential loans receivable					-				-				35				35
	Other assets						-				-				2				2
Total assets						$	885			$	1,063			$	146			$	2,094
Liabilities:
Medium-term notes						$	-			$	-			$	40			$	40
Other liabilities:
	Insured credit derivatives						-				1				-				1
	Non-insured interest rate derivatives						-				1				-				1
Liabilities of consolidated VIEs:
	Variable interest entity notes						-				-				78				78
	Currency derivatives						-				-				14				14
Total liabilities						$	-			$	2			$	132			$	134

Fair Value Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet


			Fair Value Measurements at Reporting Date Using
			Quoted Prices in				Significant				Significant				Fair Value				Carry Value
			Active Markets for				Other Observable				Unobservable				Balance as of				Balance as of
			Identical Assets				Inputs				Inputs				June 30,				June 30,
In millions			(Level 1)				(Level 2)				(Level 3)				2024				2024
Assets:
	Other investments		$	-			$	-			$	2			$	2			$	2
Total assets			$	-			$	-			$	2			$	2			$	2
Liabilities:
	Long-term debt		$	-			$	320			$	-			$	320			$	2,663
	Medium-term notes			-				-				213				213				396		(1)
	Investment agreements			-				-				236				236				221
Liabilities of consolidated VIEs:
	Variable interest entity loans payable			-				-				6				6				6
Total liabilities			$	-			$	320			$	455			$	775			$	3,286
Financial Guarantees:
	Gross liability (recoverable)		$	-			$	-			$	893			$	893			$	651
	Ceded recoverable (liability)			-				-				20				20				22

(1) - The carry value includes the complex interest calculations embedded derivatives in certain MTNs that are reported together with the host contract. As of June 30, 2024, the Company had no embedded derivative assets and had embedded derivative liabilities of $1 million.


			Fair Value Measurements at Reporting Date Using
			Quoted Prices in				Significant				Significant				Fair Value				Carry Value
			Active Markets for				Other Observable				Unobservable				Balance as of				Balance as of
			Identical Assets				Inputs				Inputs				December 31,				December 31,
In millions			(Level 1)				(Level 2)				(Level 3)				2023				2023
Assets:
	Other investments		$	-			$	-			$	3			$	3			$	3
Total assets			$	-			$	-			$	3			$	3			$	3
Liabilities:
	Long-term debt		$	-			$	287			$	-			$	287			$	2,585
	Medium-term notes			-				-				291				291				455		(1)
	Investment agreements			-				-				243				243				221
Liabilities of consolidated VIEs:
	Variable interest entity loans payable			-				-				3				3				3
Total liabilities			$	-			$	287			$	537			$	824			$	3,264
Financial Guarantees:
	Gross liability (recoverable)		$	-			$	-			$	837			$	837			$	522
	Ceded recoverable (liability)			-				-				20				20				16

(1) - The carry value includes the complex interest calculations embedded derivatives in certain MTNs that are reported together with the host contract. As of December 31, 2023, the Company had embedded derivative assets and liabilities of $1 million and $3 million, respectively.

Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2024


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										Gains				Gains
																																										(Losses) for				(Losses) for
																																										the Period				the Period
																																										Included in				Included in
						Total																																				Earnings				OCI
						Gains /				Unrealized																																for Assets				for Assets
						(Losses)				Gains /																																still held				still held
		Balance,				Included				(Losses)																				Transfers				Transfers								as of				as of
		Beginning				in				Included																				into				out of				Ending				June 30,				June 30,
In millions		of Period				Earnings				in OCI(1)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2024				2024(1)
Assets:
Corporate obligations		$	7			$	(3	)		$	-			$	6			$	-			$	-			$	-			$	-			$	-			$	10		(3)	$	(2	)		$	-
Equity investments			102				(57	)			-				-				-				-				-				-				-				45				(57	)			-
Assets of consolidated VIEs:
Loans receivable - residential			36				(4	)			-				-				-				(1	)			-				-				-				31				(5	)			-
Other			2				-				-				-				-				-				(2	)			-				-				-				-				-
Total assets		$	147			$	(64	)		$	-			$	6			$	-			$	(1	)		$	(2	)		$	-			$	-			$	86			$	(64	)		$	-

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended June 30, 2023


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										Gains				Gains
																																										(Losses) for				(Losses) for
																																										the Period				the Period
																																										Included in				Included in
						Total																																				Earnings for				OCI for
						Gains /				Unrealized																																Assets				Assets
						(Losses)				Gains /																																still held				still held
		Balance,				Included				(Losses)																				Transfers				Transfers								as of				as of
		Beginning				in				Included																				into				out of				Ending				June 30,				June 30,
In millions		of Period				Earnings				in OCI(1)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2023				2023(1)
Assets:
Corporate obligations		$	1			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	1			$	-			$	-
Equity investments			115				-				-				-				-				-				-				-				-				115				-				-
Assets of consolidated VIEs:
Loans receivable- residential			83				(11	)			-				-				-				(2	)			-				-				-				70				(12	)			-
Other			9				2				-				-				-				-				(9	)			-				-				2				(2	)			-
Total assets		$	208			$	(9	)		$	-			$	-			$	-			$	(2	)		$	(9	)		$	-			$	-			$	188			$	(14	)		$	-

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2024


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										Gains				Gains
																																										(Losses) for				(Losses) for
																																										the Period				the Period
																																										Included in				Included in
						Total																																				Earnings for				OCI for
						Gains /				Unrealized																																Assets				Assets
						(Losses)				Gains /																																still held				still held
		Balance				Included				(Losses)																				Transfers				Transfers								as of				as of
		Beginning				in				Included																				into				out of				Ending				June 30,				June 30,
In millions		of Year				Earnings				in OCI(1)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2024				2024(1)
Assets:
Corporate obligations		$	1			$	(3	)		$	-			$	12			$	-			$	-			$	-			$	-			$	-			$	10		(3)	$	-			$	-
Equity investments			108				(63	)			-				-				-				-				-				-				-				45				(63	)			-
Assets of consolidated VIEs:
Loans receivable - residential			35				(2	)			-				-				-				(2	)			-				-				-				31				(4	)			-
Other			2				-				-				-				-				-				(2	)			-				-				-				-				-
Total assets		$	146			$	(68	)		$	-			$	12			$	-			$	(2	)		$	(2	)		$	-			$	-			$	86			$	(67	)		$	-

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Six Months Ended June 30, 2023


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										Gains				Gains
																																										(Losses) for				(Losses) for
																																										the Period				the Period
																																										Included in				Included in
						Total																																				Earnings for				OCI for
						Gains /				Unrealized																																Assets				Assets
						(Losses)				Gains /																																still held				still held
		Balance,				Included				(Losses)																				Transfers				Transfers								as of				as of
		Beginning				in				Included																				into				out of				Ending				June 30,				June 30,
In millions		of Year				Earnings				in OCI(1)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2023				2023(1)
Assets:
Corporate obligations		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	1			$	-			$	1			$	-			$	-
Equity securities			115				-				-				-				-				-				-				-				-				115				-				-
Assets of consolidated VIEs:
Loans receivable - residential			78				(3	)			-				-				-				(5	)			-				-				-				70				(7	)			-
Other			23				3				-				-				-				-				(24	)			-				-				2				(1	)			-
Total assets		$	216			$	-			$	-			$	-			$	-			$	(5	)		$	(24	)		$	1			$	-			$	188			$	(8	)		$	-

Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										(Gains)				(Gains)
																																										Losses for				Losses for
																																										the Period				the Period
																																										Included in				Included in
						Total				Unrealized																																Earnings for				OCI for
						(Gains) /				(Gains) /																																Liabilities				Liabilities
						Losses				Losses																																still held				still held
		Balance,				Included				Included																				Transfers				Transfers								as of				as of
		Beginning				in				in																				into				out of				Ending				June 30,				June 30,
In millions		of Period				Earnings				in OCI(2)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2024				2024(2)
Liabilities:
Medium-term notes		$	36			$	(4	)		$	4			$	-			$	-			$	-			$	-			$	-			$	-			$	36			$	(4	)		$	4
Liabilities of consolidated VIEs:
VIE notes			46				14				(7	)			-				-				(2	)			(20	)			-				-				31				-				-
Currency derivatives			15				(6	)			-				-				-				-				-				-				-				9				(6	)			-
Total liabilities		$	97			$	4			$	(3	)		$	-			$	-			$	(2	)		$	(20	)		$	-			$	-			$	76			$	(10	)		$	4

(1) - Reported within the "Unrealized gains (losses) on available-for-sale securities" on the Company's consolidated statements of comprehensive income (loss).

(2) - Reported within the "Instrument-specific credit risk of liabilities measured at fair value" on the Company's consolidated statements of comprehensive income (loss).

(3) - Includes loans carried at fair value of $9 million.


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										(Gains)				(Gains)
																																										Losses for				Losses for
																																										the Period				the Period
																																										Included in				Included in
						Total																																				Earnings for				OCI for
						(Gains) /				Unrealized																																Liabilities				Liabilities
						Losses				(Gains) /																																still held				still held
		Balance,				Included				Losses																				Transfers				Transfers								as of				as of
		Beginning				in				Included																				into				out of				Ending				June 30,				June 30,
In millions		of Period				Earnings				in OCI(2)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2023				2023(2)
Liabilities:
Medium-term notes		$	42			$	(3	)		$	(1	)		$	-			$	-			$	-			$	-			$	-			$	-			$	38			$	(3	)		$	(1	)
Liabilities of consolidated VIEs:
VIE notes			154				17				(12	)			-				62				(22	)			(16	)			-				-				183				(5	)			7
Currency derivatives			11				1				-				-				-				-				-				-				-				12				1				-
Total liabilities		$	207			$	15			$	(13	)		$	-			$	62			$	(22	)		$	(16	)		$	-			$	-			$	233			$	(7	)		$	6

(1) - Reported within the "Unrealized gains (losses) on available-for-sale securities" on the Company's consolidated statements of comprehensive income (loss).

(2) - Reported within the "Instrument-specific credit risk of liabilities measured at fair value" on the Company's consolidated statements of comprehensive income (loss).


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										(Gains)				(Gains)
																																										Losses for				Losses for
																																										the Period				the Period
																																										Included in				Included in
						Total				Unrealized																																Earnings for				OCI for
						(Gains) /				(Gains) /																																Liabilities				Liabilities
						Losses				Losses																																still held				still held
		Balance,				Included				Included in																				Transfers				Transfers								as of				as of
		Beginning				in				Credit Risk																				into				out of				Ending				June 30,				June 30,
In millions		of Year				Earnings				in OCI(2)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2024				2024(2)
Liabilities:
Medium-term notes		$	40			$	(6	)		$	2			$	-			$	-			$	-			$	-			$	-			$	-			$	36			$	(6	)		$	2
Liabilities of consolidated VIEs:
VIE notes			78				39				(27	)			-				-				(39	)			(20	)			-				-				31				-				-
Currency derivatives			14				(5	)			-				-				-				-				-				-				-				9				(5	)			-
Total liabilities		$	132			$	28			$	(25	)		$	-			$	-			$	(39	)		$	(20	)		$	-			$	-			$	76			$	(11	)		$	2

(1) - Reported within the "Unrealized gains (losses) on available-for-sale securities" on the Company's consolidated statements of comprehensive income (loss).

(2) - Reported within the "Instrument-specific credit risk of liabilities measured at fair value" on the Company's consolidated statements of comprehensive income (loss).

(3) - Includes loans carried at fair value of $9 million.


																																										Change in				Change in
																																										Unrealized				Unrealized
																																										(Gains)				(Gains)
																																										Losses for				Losses for
																																										the Period				the Period
																																										Included in				Included in
						Total																																				Earnings for				OCI for
						(Gains) /				Unrealized																																Liabilities				Liabilities
						Losses				(Gains) /																																still held				still held
		Balance,				Included				Losses																				Transfers				Transfers								as of				as of
		Beginning				in				Included																				into				out of				Ending				June 30,				June 30,
In millions		of Year				Earnings				in OCI(2)				Purchases				Issuances				Settlements				Sales				Level 3				Level 3				Balance				2023				2023(2)
Liabilities:
Medium-term notes		$	41			$	-			$	(3	)		$	-			$	-			$	-			$	-			$	-			$	-			$	38			$	-			$	(3	)
Liabilities of consolidated VIEs:
VIE notes			172				33				(26	)			-				62				(24	)			(34	)			-				-				183				(3	)			7
Currency derivatives			6				6				-				-				-				-				-				-				-				12				6				-
Total liabilities		$	219			$	39			$	(29	)		$	-			$	62			$	(24	)		$	(34	)		$	-			$	-			$	233			$	3			$	4

(1) - Reported within the "Unrealized gains (losses) on available-for-sale securities" on the Company's consolidated statements of comprehensive income (loss).

(2) - Reported within the "Instrument-specific credit risk of liabilities measured at fair value" on the Company's consolidated statements of comprehensive income (loss).

Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities


		Three Months Ended June 30, 2024								Three Months Ended June 30, 2023
						Change in								Change in
						Unrealized								Unrealized
						Gains (Losses)								Gains (Losses)
						for the								for the
						Period Included								Period Included
						in Earnings								in Earnings
						for Assets								for Assets
						and								and
		Total Gains				Liabilities still				Total Gains				Liabilities still
		(Losses)				held as of				(Losses)				held as of
		Included				June 30,				Included				June 30,
In millions		in Earnings				2024				in Earnings				2023
Revenues:
	Net gains (losses) on financial instruments at fair value and foreign exchange	$	(56	)		$	(55	)		$	3			$	3
	Revenues of consolidated VIEs (1)		(12	)			1				(27	)			(10	)
Total		$	(68	)		$	(54	)		$	(24	)		$	(7	)

(1) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange-VIE" and "Other net realized gains (losses)-VIE" on the Company's consolidated statements of operations.


		Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
						Change in								Change in
						Unrealized								Unrealized
						Gains (Losses)								Gains (Losses)
						for the								for the
						Period Included								Period Included
						in Earnings								in Earnings
						for Assets								for Assets
						and								and
		Total Gains				Liabilities still				Total Gains				Liabilities still
		(Losses)				held as of				(Losses)				held as of
		Included				June 30,				Included				June 30,
In millions		in Earnings				2024				in Earnings				2023
Revenues:
	Net gains (losses) on financial instruments at fair value and foreign exchange	$	(60	)		$	(57	)		$	-			$	-
	Revenues of consolidated VIEs (1)		(36	)			1				(39	)			(11	)
Total		$	(96	)		$	(56	)		$	(39	)		$	(11	)

(1) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange-VIE" and "Other net realized gains (losses)-VIE" on the Company's consolidated statements of operations.

Effects Of Derivative Instruments On Consolidated Statements Of Operations

The following table presents the effects of derivative instruments on the Company's consolidated statements of operations for the three and six months ended June 30, 2024 and 2023:


In millions
Derivatives Not Designated				Three Months Ended June 30,
as Hedging Instruments		Location of Gain (Loss) Recognized in Income on Derivative		2024				2023
Interest rate swaps		Net gains (losses) on financial instruments at fair value and foreign exchange		$	-			$	10
Currency swaps-VIE		Net gains (losses) on financial instruments at fair value and foreign exchange-VIE			6				(1	)
Total				$	6			$	9

MBIA Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 6: Fair Value of Financial Instruments (continued)


In millions
Derivatives Not Designated				Six Months Ended June 30,
as Hedging Instruments		Location of Gain (Loss) Recognized in Income on Derivative		2024					2023
Interest rate swaps		Net gains (losses) on financial instruments at fair value and foreign exchange			$	-				$	1
Currency swaps-VIE		Net gains (losses) on financial instruments at fair value and foreign exchange-VIE				5					(6	)
Total					$	5				$	(5	)

Changes In Fair Value Included In The Company's Consolidated Statements Of Operations

The following table presents the gains and (losses) included in the Company's consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 for financial instruments for which the fair value option was elected:


		Three Months Ended June 30,								Six Months Ended June 30,
In millions		2024				2023				2024				2023
Investments carried at fair value (1)		$	(60	)		$	-			$	(63	)		$	3
Fixed-maturity securities held at fair value-VIE (2)			(1	)			-				(1	)			(4	)
Loans receivable at fair value:
	Residential mortgage loans (2)		(4	)			(11	)			(2	)			(3	)
Other assets-VIE (2)			-				2				-				3
Medium-term notes (1)			4				3				6				-
Variable interest entity notes (2)			(14	)			(17	)			(39	)			(33	)

(1) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange" on the Company's consolidated statements of operations.

(2) - Reported within "Net gains (losses) on financial instruments at fair value and foreign exchange-VIE" and/or "Other net realized gains (losses)-VIE" on the Company's consolidated statements of operations.

Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding

The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2024 and December 31, 2023 for loans and notes for which the fair value option was elected:


		As of June 30, 2024												As of December 31, 2023
		Contractual												Contractual
		Outstanding				Fair								Outstanding				Fair
In millions		Principal				Value				Difference				Principal				Value				Difference
Loans receivable at fair value:
	Residential mortgage loans - current	$	15			$	15			$	-			$	18			$	18			$	-
	Residential mortgage loans (90 days or more past due)		53				16				37				58				17				41
Total loans receivable and other instruments at fair value		$	68			$	31			$	37			$	76			$	35			$	41
Variable interest entity notes		$	48			$	31			$	17			$	328			$	78			$	250
Medium-term notes		$	54			$	36			$	18			$	55			$	40			$	15