Outstanding Exposure (Tables)

6 Months Ended

Jun. 30, 2011

Outstanding Exposure

Schedule of Debt Service Outstanding

	Gross Debt Service Outstanding				Net Debt Service Outstanding
	June 30, 2011		December 31, 2010		June 30, 2011		December 31, 2010
	(in millions)
Public finance	$	826,907	$	851,634	$	739,493	$	760,167
Structured finance	157,646		178,348		147,275		166,976
Total	$	984,553	$	1,029,982	$	886,768	$	927,143

Schedule of Financial Guaranty Net Par Outstanding by Internal Rating.

	As of June 30, 2011
	Public Finance U.S.				Public Finance Non-U.S.				Structured Finance U.S				Structured Finance Non-U.S				Total
Rating Category	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
	(dollars in millions)
Super senior	$	—	—	%	$	1,507	3.7	%	$	19,957	19.2	%	$	7,683	26.8	%	$	29,147	5.0	%
AAA	5,078		1.2		1,379		3.3		38,175		36.7		12,722		44.3		57,354		9.8
AA	151,571		36.7		1,145		2.8		14,236		13.7		1,606		5.6		168,558		28.7
A	211,736		51.2		12,517		30.4		5,721		5.5		1,610		5.6		231,584		39.4
BBB	41,939		10.2		22,318		54.1		5,248		5.0		3,273		11.3		72,778		12.4
BIG	2,950		0.7		2,360		5.7		20,641		19.9		1,824		6.4		27,775		4.7
Total net par outstanding	$	413,274	100.0	%	$	41,226	100.0	%	$	103,978	100.0	%	$	28,718	100.0	%	$	587,196	100.0	%

	As of December 31, 2010
	Public Finance U.S.				Public Finance Non-U.S.				Structured Finance U.S				Structured Finance Non-U.S				Total
Rating Category	Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%		Net Par Outstanding		%
	(dollars in millions)
Super senior	$	—	—	%	$	1,420	3.5	%	$	21,837	18.4	%	$	7,882	25.7	%	$	31,139	5.0	%
AAA	5,784		1.4		1,378		3.4		45,067		37.9		13,573		44.3		65,802		10.7
AA	161,906		37.9		1,330		3.3		17,355		14.6		1,969		6.4		182,560		29.6
A	214,199		50.2		12,482		30.6		6,396		5.4		1,873		6.1		234,950		38.1
BBB	41,948		9.8		22,338		54.8		7,543		6.4		4,045		13.2		75,874		12.3
BIG	3,159		0.7		1,795		4.4		20,558		17.3		1,294		4.3		26,806		4.3
Total net par outstanding	$	426,996	100.0	%	$	40,743	100.0	%	$	118,756	100.0	%	$	30,636	100.0	%	$	617,131	100.0	%

Financial Guaranty Exposures (Insurance and Credit Derivative Form)

	June 30, 2011
	BIG Net Par Outstanding								Net Par		BIG Net Par as a % of Net Par
	BIG 1		BIG 2		BIG 3		Total BIG		Outstanding		Outstanding
	(in millions)
First lien U.S. RMBS:
Prime first lien	$	26	$	582	$	—	$	608	$	786	0.1	%
Alt-A first lien	1,127		2,397		1,487		5,011		5,731		0.9
Option ARM	0		1,302		1,260		2,562		2,809		0.4
Subprime (including net interest margin securities)	334		2,468		212		3,014		8,572		0.5
Second lien U.S. RMBS:
Closed-end second lien	153		438		467		1,058		1,087		0.2
Home equity lines of credit (“HELOCs”)	470		—		3,134		3,604		4,281		0.6
Total U.S. RMBS	2,110		7,187		6,560		15,857		23,266		2.7
Other structured finance	3,756		424		2,428		6,608		109,430		1.1
Public finance	4,241		204		865		5,310		454,500		0.9
Total	$	10,107	$	7,815	$	9,853	$	27,775	$	587,196	4.7	%

	December 31, 2010
	BIG Net Par Outstanding								Net Par		BIG Net Par as a % of Net Par
	BIG 1		BIG 2		BIG 3		Total BIG		Outstanding		Outstanding
	(in millions)
	(restated)		(restated)
First lien U.S. RMBS:
Prime first lien	$	82	$	542	$	—	$	624	$	849	0.1	%
Alt-A first lien	976		3,108		573		4,657		6,134		0.8
Option ARM	33		2,186		640		2,859		3,214		0.5
Subprime (including net interest margin securities)	729		2,248		106		3,083		9,039		0.4
Second lien U.S. RMBS:
Closed-end second lien	63		444		624		1,131		1,164		0.2
HELOCs	369		—		3,632		4,001		4,730		0.6
Total U.S. RMBS	2,252		8,528		5,575		16,355		25,130		2.6
Other structured finance	2,687		363		2,447		5,497		124,262		0.9
Public finance	3,752		283		919		4,954		467,739		0.8
Total	$	8,691	$	9,174	$	8,941	$	26,806	$	617,131	4.3	%

Net Par Outstanding for Below Investment Grade Credits

	As of June 30, 2011
	Net Par Outstanding						Number of Risks(3)
Description	Financial Guaranty Insurance(1)		Credit Derivative(2)		Total		Financial Guaranty Insurance(1)	Credit Derivative(2)	Total
	(dollars in millions)
BIG:
Category 1	$	6,877	$	3,230	$	10,107	151	30	181
Category 2	5,038		2,777		7,815		84	44	128
Category 3	7,424		2,429		9,853		129	23	152
Total BIG	$	19,339	$	8,436	$	27,775	364	97	461

	As of December 31, 2010
	Net Par Outstanding						Number of Risks(3)
Description	Financial Guaranty Insurance(1)		Credit Derivative(2)		Total		Financial Guaranty Insurance(1)	Credit Derivative(2)	Total
	(dollars in millions)
	(restated)				(restated)				(restated)
BIG:
Category 1	$	5,450	$	3,241	$	8,691	119	31	150
Category 2	5,717		3,457		9,174		98	50	148
Category 3	7,281		1,660		8,941		115	12	127
Total BIG	$	18,448	$	8,358	$	26,806	332	93	425

(1) Represents contracts accounted for as financial guaranty insurance. See Note 5.

(2) Represents contracts accounted for as credit derivatives and carried at fair value on the consolidated balance sheets. See Note 7.

(3) A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making debt service payments.