Note 5 - VIEs Level 3 (Tables)

9 Months Ended

Sep. 30, 2011

Financial Guaranty Insurance Contracts VIEs [Table Text Block]

The following tables provide a summary of our maximum exposure to losses, and the financial impact on our condensed consolidated balance sheets, our condensed consolidated statements of operations and our condensed consolidated statements of cash flows as of and for the periods indicated, as it relates to our consolidated and unconsolidated financial guaranty insurance contracts and credit derivative VIEs:



	Consolidated				Unconsolidated
(In millions)	September 30, 2011		December 31, 2010		September 30, 2011		December 31, 2010
Balance Sheet:
Trading securities	$	99.4	$	83.2	$	—	$	—
Derivative assets	—		—		5.5		6.0
Premiums receivable	—		—		4.0		5.2
Other assets	98.3		112.4		—		—
Unearned premiums	—		—		4.2		6.0
Reserve for losses and LAE	—		—		11.4		15.0
Derivative liabilities	20.8		19.2		133.3		585.9
VIE debt—at fair value	242.2		379.1		—		—
Accounts payable and accrued expenses	0.6		0.8		—		—

Maximum exposure (1)	580.9		584.6		6,404.7		6,874.2

_______________


(1)	The difference between the carrying amounts of the net asset/liability position and maximum exposure related to VIEs is primarily due to the difference between the face amount of the obligation and the recorded fair values, which include an adjustment for our non-performance risk. The maximum exposure is based on the net par amount of our insured obligation as of the reporting date.



	Consolidated						Unconsolidated
	Nine Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2011			2010			2011			2010
Statement of Operations:
Premiums earned	$	—		$	—		$	2.2		$	2.3
Net investment income	6.2			8.1			—			—
Net gains on investments	19.3			16.5			—			—
Change in fair value of derivative instruments—(loss) gain	(9.4		)	(15.9		)	457.3			(283.1		)
Net gain (loss) on other financial instruments	124.0			(97.9		)	—			—
Provision for losses—(decrease) increase	—			—			(3.1		)	5.7
Other operating expenses	2.3			2.6			—			—

Net Cash Inflow (Outflow)	0.6			0.7			6.3			(33.7		)

Net Interest Margin Securities VIES [Table Text Block]



(In millions)	September 30, 2011		December 31, 2010
Balance Sheet:
Derivative assets	$	4.9	$	10.9
VIE debt—at fair value	31.2		141.0

Maximum exposure (1)	37.9		135.8

_______________


(1)	The difference between the carrying amounts of the net asset/liability position and maximum exposure related to VIEs is primarily due to the difference between the face amount of the obligation and the recorded fair values, which include an adjustment for our non-performance risk. The maximum exposure is based on the net par amount of our insured obligation as of the reporting date.

Committed Preferred Custodial Trust Securities VIEs [Table Text Block]



	Consolidated
(In millions)	September 30, 2011		December 31, 2010
Balance Sheet:
Short-term investments	$	150.0	$	150.0

Maximum exposure (1)	150.0		150.0

_____________


(1)	The maximum exposure is based on our carrying amounts of the investments.



	Consolidated						Unconsolidated (1)
	Nine Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2011			2010			2011		2010
Statement of Operations:
Net investment income	$	0.1		$	—		$	—	$	—
Change in fair value of derivative instruments—loss	—			—			—		(6.3		)
Net loss on other financial instruments	—			(23.5		)	—		—
Other operating expenses	0.3			0.3			—		—

Net Cash Outflow	(0.1		)	(78.4		)	—		(0.9		)

_________________________


(1)	Activity displayed reflects the impact, for the periods prior to June 30, 2010, for one CPS custodial trust that was not consolidated prior to that date.