Consolidation of Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2011

Consolidation of Variable Interest Entities

Consolidated FG VIEs By Type of Collateral

	As of June 30, 2011				As of December 31, 2010
	Assets		Liabilities		Assets		Liabilities
	(in millions)
			(restated)				(restated)
HELOCs	$	780.4	$	1,092.1	$	857.1	$	1,126.1
First liens:
Alt-A	173.6		165.4		—		—
Subprime	466.2		555.6		528.7		616.5
Option ARM	651.1		850.9		626.6		909.4
Alt-A second liens	760.6		807.1		747.4		818.4
Automobile loans	333.3		333.3		486.8		486.8
Life insurance	327.0		327.0		304.8		304.8
Credit card loans	—		—		106.1		106.1
Total	$	3,492.2	$	4,131.4	$	3,657.5	$	4,368.1

Effect of Consolidating FG VIEs on Net Income and Shareholders' Equity

	Second Quarter						Six Months
	2011			2010			2011			2010
	(in millions)
	(restated)			(restated)			(restated)			(restated)
Net earned premiums	$	(18.3	)	$	(10.7	)	$	(37.4	)	$	(21.6	)
Net investment income	(0.4		)	—			(0.7		)	—
Net realized investment gains (losses)	0.2			—			0.5			—
Net change in fair value of financial guaranty variable interest entities	(174.3		)	(27.4		)	(54.7		)	(36.3		)
Loss and loss adjustment expenses	16.9			10.1			67.6			34.2
Total pretax effect on net income	(175.9		)	(28.0		)	(24.7		)	(23.7		)
Less: tax provision (benefit)	(61.6		)	(9.8		)	(8.6		)	(8.3		)
Total effect on net income	(114.3		)	$	(18.2	)	(16.1		)	$	(15.4	)

	As of June 30, 2011			As of December 31, 2010
	(in millions)
	(restated)			(restated)
Total effect on shareholders’ equity	$	(342.6	)	$	(371.4	)

(1) Includes the effect of initially consolidating and/or deconsolidating VIEs based on changes in AGM’s and AGC’s assessment of its control rights over servicer or collateral manager replacement during the period.

Contractual Maturity Schedule of FG VIE Liabilities with Recourse Gross Par Outstanding

Contractual Maturity	As of June 30, 2011
	(in millions)
2012	$	15.8
2013	25.4
2014	199.6
2015	—
Thereafter	3,907.4
Total	$	4,148.2