The fair value of each of our corporate CDO transactions is estimated based on the dif ference between: (1) the present  value of the expected future contractual premiums we char ge; and (2) the fair premium amount that we estimate that another  financial guarantor would require to assume the rights and obligations under our contracts.  The fair value estimates reflect the  fair value of the asset or liability , which is consistent with the “in-exchange” approach, in which fair value is determined based  on the price that would be received or paid in a current transaction as defined by the accounting standard regarding fair value  measurements. These credit derivatives are categorized in Level III of the fair value hierarchy . 197 Radian Group’s five-year CDS spread at December 31, 2012 implies a market view that there is a 47.7% probability that  Radian Group will default in the next five years as compared to an  83.5% implied probability of default at  December 31, 2011.  The cumulative impact on our derivative assets and derivative and  VIE liabilities attributable to the market’ s perception of our  non-performance risk decreased by  $1.3 billion during 2012, as presented in the table above. This decrease was primarily the  result of the tightening of Radian Group’ s CDS spreads during this period. Corporate CDOs (2)  Includes NIMS VIE debt and NIMS derivative assets. (1)  Includes the net fair value liability recorded within derivative assets and derivative liabilities and the net fair value  liabilities included in our consolidated VIEs. The following table quantifies the impact of our non-performance risk on our derivative assets and liabilities (in aggregate  by type) and VIE liabilities presented in our consolidated balance sheets. Radian Group’ s five-year CDS spread is presented as  an illustration of the market’ s view of our non-performance risk; the CDS spread actually used in the valuation of specific fair  value liabilities is typically based on the remaining term of the instrument. Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) December 31, (In basis points) 2012 2011 2010 2009 Radian Group’s five-year CDS spread . . . 913 2,732 465 1,530 (In millions) Fair Value Liability before Consideration of Radian Non- Performance Risk December 31, 2012 Impact of Radian Non- Performance Risk  December 31, 2012 Fair Value (Asset) Liability Recorded December 31, 2012 Product Corporate CDOs . . . . . . . . . . . . . . . . . . . . $ 98.8 $ 101.6 $ (2.8 ) Non-Corporate CDO-related (1). . . . . . . . 689.1 509.3 179.8 NIMS-related (2). . . . . . . . . . . . . . . . . . . . 13.0 4.7 8.3 Total . . . . . . . . . . . . . . . . . . . . . . . . . . $ 800.9 $ 615.6 $ 185.3 (In millions) Fair Value Liability before Consideration of Radian Non- Performance Risk December 31, 2011 Impact of Radian Non- Performance Risk December 31, 2011 Fair Value Liability Recorded December 31, 2011 Product Corporate CDOs . . . . . . . . . . . . . . . . . . . . $ 463.1 $ 458.0 $ 5.1 Non-Corporate CDO-related (1). . . . . . . . 1,529.7 1,405.3 124.4 NIMS-related (2). . . . . . . . . . . . . . . . . . . . 17.4 9.6 7.8 Total . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,010.2 $ 1,872.9 $ 137.3