Finance Committee Charter

The Finance Committee of the Board of Directors of MBIA Inc. is charged with

the responsibilities on behalf of MBIA Inc. and its subsidiaries enumerated below:

I. Approve general investment policies and objectives

and any significant proposed modifications.

II. Monitor investment activities and portfolio holdings,

including periodic review of investment performance

relative to objectives and to overall market

performance benchmarks.

III. Approve any significant investments not falling within

established investment policies and written


IV. Review periodically asset allocation among types of

investments and the quality and maturity of


V. Review periodically the investment portfolio

manager's performance, and approve any change in,

or additions to, investment managers.

VI. Review periodically the capital structure, capital

adequacy and financial flexibility of the Company and

its subsidiaries, including compliance with rating

agency and regulatory capital requirements.

VII. Review shareholder dividend policy and make

recommendations with respect thereto.

VIII. Perform such other duties as may be delegated to it

or requested by the Board of Directors.