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Note 4 - Derivative Instruments Level 3 (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table sets forth our gross unrealized gains and gross unrealized losses on derivative assets and liabilities as of the dates indicated. Certain contracts are in an asset position because the net present value of the contractual premium we receive exceeds the net present value of our estimate of the expected future premiums that a financial guarantor of similar credit quality to us would charge to provide the same credit protection, assuming a transfer of our obligation to such financial guarantor as of the measurement date.
 
 
December 31,
(In thousands)
2013
 
2012
Balance Sheets
 
 
 
Derivative assets:
 
 
 
Financial Guaranty credit derivative assets
$
6,323

 
$
12,024

NIMS related and other
10,319

 
1,585

Total derivative assets
16,642

 
13,609

Derivative liabilities:
 
 
 
Financial Guaranty credit derivative liabilities
238,728

 
196,406

Financial Guaranty VIE derivative liabilities
68,457

 
70,467

Total derivative liabilities
307,185

 
266,873

Total derivative liabilities, net
$
290,543

 
$
253,264
Derivative Instruments, Gain (Loss) [Table Text Block]
The components of the (losses) gains included in change in fair value of derivative instruments are as follows:
 
Year Ended December 31,
(In thousands)
2013
 
2012
 
2011
Statements of Operations
 
 
 
 
 
Net premiums earned—derivatives
$
17,898

 
$
28,693

 
$
41,753

Financial Guaranty credit derivatives
(49,510
)
 
(173,610
)
 
597,969

Financial Guaranty VIE derivatives
(503
)
 
1,189

 
(10,696
)
NIMS related and other
344

 
(297
)
 
(631
)
Change in fair value of derivative instruments
$
(31,771
)
 
$
(144,025
)
 
$
628,395
Schedule of Derivative Instruments [Table Text Block]
The following table shows selected information about our derivative contracts:
 
($ in thousands)
December 31, 2013
Number of
Contracts
 
Par/
Notional
Exposure
 
Total Net Asset/
(Liability)
Product
 
 
 
 
 
Corporate CDOs
18

 
$
7,337,838

 
$
(1,361
)
Non-Corporate CDOs and other derivative transactions:
 
 
 
 
 
Trust preferred securities (“TruPs”)
13

 
972,569

 
(43,881
)
CDOs of commercial mortgage-backed securities (“CMBS”)
4

 
1,831,000

 
(67,777
)
Other:
 
 
 
 
 
Structured finance
4

 
518,031

 
(80,326
)
Public finance
21

 
1,276,115

 
(29,793
)
Total Non-Corporate CDOs and other derivative transactions
42

 
4,597,715

 
(221,777
)
Assumed financial guaranty credit derivatives:
 
 
 
 
 
Structured finance
26

 
159,693

 
(8,812
)
Public finance
5

 
96,040

 
(455
)
Total Assumed
31

 
255,733

 
(9,267
)
Financial Guaranty VIE derivative liabilities (1)
1

 
78,135

 
(68,457
)
Other (2)
1

 
—

 
10,319

Grand Total
93

 
$
12,269,421

 
$
(290,543
)
________________
(1)
Represents the fair value of a CDS included in a VIE that we have consolidated. See Note 6 for more information on this transaction, the underlying reference securities and our maximum exposure to loss from this consolidated financial guaranty transaction. The assets in the VIE represent the only funds available to pay the CDS Counterparty for amounts due under the contract; therefore, the notional exposure presented for the CDS is limited to the current trust assets.
(2)
Represents derivative assets related to other purchased derivatives for which we do not have loss exposure that exceeds our net asset amount.