Outstanding Exposure (Tables)

9 Months Ended

Sep. 30, 2011

Outstanding Exposure

Schedule of Debt Service Outstanding

	Gross Debt Service Outstanding				Net Debt Service Outstanding
	September 30, 2011		December 31, 2010		September 30, 2011		December 31, 2010
	(in millions)
Public finance	$	811,423	$	851,634	$	727,401	$	760,167
Structured finance	148,006		178,348		138,291		166,976
Total	$	959,429	$	1,029,982	$	865,692	$	927,143

Schedule of Financial Guaranty Net Par Outstanding by Internal Rating.

	As of September 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	$	—	—	%	$	1,386	3.5	%	$	17,544	17.9	%	$	6,664	25.2	%	$	25,594	4.5	%
AAA	5,073		1.2		1,383		3.5		37,544		38.3		12,159		46.0		56,159		9.8
AA	149,190		36.6		1,094		2.8		12,532		12.8		1,255		4.7		164,071		28.7
A	208,837		51.2		12,022		30.6		5,086		5.2		926		3.5		226,871		39.7
BBB	41,700		10.2		21,231		54.1		5,283		5.4		3,589		13.7		71,803		12.5
BIG	3,265		0.8		2,151		5.5		19,980		20.4		1,831		6.9		27,227		4.8
Total net par outstanding	$	408,065	100.0	%	$	39,267	100.0	%	$	97,969	100.0	%	$	26,424	100.0	%	$	571,725	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)

	September 30, 2011
											BIG Net Par as a %
	BIG Net Par Outstanding								Net Par		of Net Par
	BIG 1		BIG 2		BIG 3		Total BIG		Outstanding		Outstanding
	(in millions)
First lien U.S. RMBS:
Prime first lien	$	90	$	513	$	—	$	603	$	760	0.1	%
Alt-A first lien	1,815		1,594		1,433		4,842		5,541		0.9
Option ARM	124		1,115		1,148		2,387		2,627		0.4
Subprime (including net interest margin securities)	153		2,608		209		2,970		8,403		0.5
Second lien U.S. RMBS:
Closed-end second lien	—		497		538		1,035		1,061		0.2
Home equity lines of credit (“HELOCs”)	446		—		2,984		3,430		4,072		0.6
Total U.S. RMBS	2,628		6,327		6,312		15,267		22,464		2.7
TruPS	2,232		—		952		3,184		6,467		0.6
Other structured finance	1,483		423		1,454		3,360		95,462		0.6
Public finance	4,216		339		861		5,416		447,332		0.9
Total	$	10,559	$	7,089	$	9,579	$	27,227	$	571,725	4.8	%

Net Par Outstanding for Below Investment Grade Credits

	December 31, 2010
												BIG Net Par as a %
		BIG Net Par Outstanding								Net Par		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
TruPS		1,846		—		964		2,810		6,833		0.5
Other structured finance		841		363		1,483		2,687		117,429		0.4
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	%

By Category Below-Investment-Grade Credits

	As of September 30, 2011
	Net Par Outstanding								Number of Risks(4)
Description	Financial Guaranty Insurance(1)		FG VIEs(2)		Credit Derivative(3)		Total		Financial Guaranty Insurance(1)	FG  VIEs(2)	Credit Derivative(3)	Total
	(dollars in millions)
BIG:
Category 1	$	6,254	$	436	$	3,869	$	10,559	162	3	35	200
Category 2	4,107		1,084		1,898		7,089		64	8	38	110
Category 3	5,917		1,276		2,386		9,579		113	14	25	152
Total BIG	$	16,278	$	2,796	$	8,153	$	27,227	339	25	98	462

	As of December 31, 2010
	Net Par Outstanding								Number of Risks(4)
Description	Financial Guaranty Insurance(1)		FG VIEs(2)		Credit Derivative(3)		Total		Financial Guaranty Insurance(1)	FG VIEs(2)	Credit Derivative(3)	Total
	(dollars in millions)
	(restated)								(restated)			(restated)
BIG:
Category 1	$	5,091	$	359	$	3,241	$	8,691	117	2	31	150
Category 2	5,222		495		3,457		9,174		96	2	50	148
Category 3	5,901		1,380		1,660		8,941		102	13	12	127
Total BIG	$	16,214	$	2,234	$	8,358	$	26,806	315	17	93	425

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

(2) Represents net par outstanding as of September 30, 2011 for contracts accounted for as FG VIEs. See Note 8.

(3) Represents contracts accounted for as credit derivatives. See Note 7.

(4) A risk represents the aggregate of the financial guaranty policies that share the same revenue source for purposes of making Debt Service payments.