Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

(d) Election of Director.

On December 1, 2008, the Board of Directors of MBIA Inc. ("MBIA") elected Charles R. Rinehart as a member of MBIA's Board of Directors. In September 2008, Mr. Rinehart joined Downey Financial Corp. and Downey Savings and Loan Association, F.A. as Chief Executive Officer and as a director of both of these entities. Mr. Rinehart retired from HF Ahmanson & Co. and its principal subsidiary, Home Savings of America in 1998. Mr. Rinehart joined HF Ahmanson in 1989 and shortly thereafter was named President and Chief Operating Officer. He was named Chief Executive Officer in 1993 and also became Chairman in 1995 and served in these roles through 1998. Prior to joining H.F. Ahmanson, Mr. Rinehart was the Chief Executive Officer of Avco Financial Services from 1983 to 1989 and before that served in various positions of increasing responsibility at Fireman's Fund Insurance Company. He is also a director and non-executive Chairman of Verifone Holdings, Inc.

MBIA's Board of Directors has determined in accordance with the independence standards set forth in the MBIA Inc. Board Corporate Governance Practices that Mr. Rinehart is an Independent Director. In addition, Mr. Rinehart meets the definition of "Independent Director" set forth in the New York Stock Exchange Corporate Governance Listing Standards. The MBIA Inc. Board Corporate Governance Practices can be found on MBIA's website, www.mbia.com.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

99.1 Press Release issued by MBIA Inc. dated December 1, 2008.

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