Item 5.03. AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR.

(a) On July 14 2009, the Board of Directors of MBIA Inc. ("MBIA") amended MBIA's By-Laws to reflect the separation of the Chairman and Chief Executive Officer positions and to clarify the authority and duties of each position as well as to make the Chief Executive Officer and Chief Financial Officer positions mandatory offices of MBIA.

The By-Laws as amended are attached as Exhibit 3.2 hereto. The foregoing summary description of the By-Laws as amended is qualified in its entirety by reference to Exhibit 3.2.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit 3.2 By-Laws as Amended as of July 14, 2009

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