MBIA INC — Director's Dealing 2010

May 10, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MBIA INC (mbi)
CIK: 0000814585
Period of Report: 2010-05-07

Reporting Person: CORSO CLIFFORD D (Executive Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-07	Employee Stock Option (right to buy)	$48.58	D	6345	Disposed	2010-12-12	Common Stock (6345)	Direct
2010-05-07	Employee Stock Option (right to buy)	$52.81	D	7000	Disposed	2012-02-07	Common Stock (7000)	Direct
2010-05-07	Employee Stock Option (right to buy)	$36.69	D	7000	Disposed	2013-02-12	Common Stock (7000)	Direct
2010-05-07	Employee Stock Option (right to buy)	$64.84	D	7000	Disposed	2014-02-10	Common Stock (7000)	Direct
2010-05-07	Employee Stock Option (right to buy)	$55.6	D	60000	Disposed	2014-06-09	Common Stock (60000)	Direct
2010-05-07	Employee Stock Option (right to buy)	$58.84	D	30000	Disposed	2015-02-16	Common Stock (30000)	Direct
2010-05-07	Employee Stock Option (right to buy)	$12.5	D	400000	Disposed	2015-03-28	Common Stock (400000)	Direct
2010-05-07	Employee Stock Option (right to buy)	$4.02	D	350000	Disposed	2016-02-12	Common Stock (350000)	Direct

Footnotes

F1: Options granted on 12/12/2000 with 5 year gradual vesting: 40% on second anniversary, 20% each on third, fourth and fifth anniversary of grant date.

F2: Stock options cancelled in connection with an award to the reporting person of equity participation units in Cutwater Holdings, LLC under the Cutwater Asset Management Equity Participation Plan, adopted by the Board of Managers of Cutwater Holdings, LLC on May 7, 2010. A total of 867,345 stock options as reported herein were cancelled, having an estimated aggregate value of $1,711,900. The reporting person received an estimated value of $2,450,500 of equity participation units in Cutwater Holdings, LLC (reflecting the estimated value of the reporting person's cancelled stock options and a long-term equity incentive award for the 2009 performance year).

F3: Options granted on 2/7/2002 with 5 year gradual vesting: 40% on second anniversary, 20% each on third, fourth and fifth anniversary of grant date.

F4: Options granted 2/12/2003 with 5 year gradual vesting: 40% on second anniversary, 20% each on third, fourth and fifth anniversary of grant date.

F5: Option granted on 2/10/2004 with 5 year gradual vesting: 40% on second anniversary, 20% each on third, fourth and fifth anniversary of grant date.

F6: Options granted on 6/9/2004 with 5 year cliff vesting: 100% on fifth anniversary of grant date.

F7: Options granted 2/16/2005 with 5 year gradual vesting: 40% on second anniversary, 20% each on third, fourth and fifth anniversary of grant date.

F8: Options granted 3/28/2008. Performance based award which vests in incremental amounts based on share price. Vested options are exercisable from 3/28/2013 to 3/28/2015.

F9: Options granted 2/12/2009 with 5 year cliff vesting: 100% on fifth anniversary of grant date.