Note 5 - VIEs VIE (Tables)

3 Months Ended

Mar. 31, 2013

VIEs [Abstract]

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 thousands)	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
Balance Sheet:
Other invested assets	$	76,919	$	78,006	$	—	$	—
Derivative assets	—		—		1,732		3,201
Premiums receivable	—		—		2,687		2,859
Other assets	96,693		99,337		—		—
Unearned premiums	—		—		2,345		2,513
Reserve for losses and LAE	—		—		14,112		14,376
Derivative liabilities	66,752		70,467		336,430		175,781
VIE debt—at fair value	96,339		98,983		—		—
Accounts payable and accrued expenses	3,001		365		—		—
Maximum exposure (1)	118,431		120,939		4,977,626		5,096,718

______________________

(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, as applicable. For those VIEs that have recourse to our general credit, the maximum exposure is based on the net par amount of our insured obligation. For any VIEs that do not have recourse to our general credit, the maximum exposure is generally based on the recorded net assets of the VIE, as of the reporting date.

	Consolidated						Unconsolidated
	Three Months Ended March 31,						Three Months Ended March 31,
(In thousands)	2013			2012			2013			2012
Statement of Operations:
Premiums earned	$	—		$	—		$	324		$	509
Net investment income	443			2,014			—			—
Net loss on investments	(1,530		)	(2,863		)	—			—
Change in fair value of derivative        instruments—gain (loss)	3,062			(1,227		)	(160,975		)	(81,673		)
Net gain (loss) on other financial        instruments	1,155			(30,085		)	—			—
Provision for losses—(decrease) increase	—			—			(10		)	6,219
Other operating expenses	503			716			—			—
Net Cash Inflow	114			196			1,215			2,827

Net Interest Margin Securities 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 NIMS VIEs:

(In thousands)	March 31, 2013		December 31, 2012
Balance Sheet:
Derivative assets	$	1,578	$	1,585
VIE debt—at fair value	11,062		9,875
Maximum exposure (1)	14,061		14,061

______________________

(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.

	Three Months Ended March 31,
(In thousands)	2013			2012
Statement of Operations:
Net investment income	$	55		$	138
Change in fair value of derivative instruments—loss	—			(5		)
Net loss on other financial instruments	(1,199		)	(2,524		)
Net Cash Inflow	49			3,281