Name of Subsidiary

State/Country of Incorporation

MBIA Capital Corp.

Delaware

MBIA Global Funding, LLC

Delaware

MBIA Insurance Corporation

New York

MBIA Mexico, S.A. de C.V.

Mexico

MBIA Services Corporation

Delaware

National Public Finance Guarantee Holdings, Inc.

Delaware

National Public Finance Guarantee Corporation

New York

New Phoenix II, LLC

Delaware

Phoenix II Intermediate, LLC

Delaware

Phoenix II Recovery, LLC

Delaware

Promotora de Infraestructura Registral II, S.A. de C.V., SOFOM, E.R.

Mexico