Because we have the ability to hold our financial guaranty contracts to maturity , changes in market spreads often are not  indicative of our ultimate net credit loss payments with respect to these obligations. Our estimated credit loss payments  presented in the table below represent our current estimate of the present value (net of estimated recoveries) of claims that we  expect to pay or recoveries that we expect to receive on our insured credit derivatives and net  VIE liabilities. As illustrated in  the table below, expected recoveries for our insured credit derivatives and  VIEs exceeded estimated credit loss payments for  these transactions as of December 31, 2012. This is primarily a result of the impact of the CDO Commutation  Transactions,  including our expected recovery on the Terminated TruPs CDOs. The estimated fair value of our insured credit derivatives and  VIEs is measured as of a specific point in time and is influenced by changes in interest rates, credit spreads, credit ratings and  other markets-specific asset-class and transaction-specific conditions, as well as factors that may be unrelated to our obligation  to pay future claims. Other factors that may cause a dif ference between the fair value of these obligations and our estimated  credit loss payments include the ef fects of our non-performance risk and dif fering assumptions regarding discount rate and  future performance, as well as the expected impact of our loss mitigation activities such as commutations. In the absence of  credit losses, unrealized losses related to changes in fair value will reverse before or at the maturity of these obligations. In  addition, as we have done with other obligations, we may agree to settle some or all of these obligations prior to maturity at  amounts that are greater or less than their fair values at the time of settlement, which could result in the realization of additional  gains or losses. The following table summarizes the fair value amounts related to these instruments reflected on our consolidated balance  sheet at December 31, 2012 and the present value of our estimated credit loss recoveries on these instruments. Because the total  present value of our estimated credit loss recoveries currently is less than the net fair value liability , we expect the fair value  liability, ultimately, to reverse before or at the maturity of these transactions. (1)  Represents the present value of our estimated credit loss payments (net of estimated recoveries) for those transactions for  which we currently anticipate paying net losses or receiving recoveries of losses already paid. In  April 2012, as part of the  CDO Commutation Transactions, we made a payment with respect to the  Terminated TruPs CDOs for which we currently  expect a full recovery. There are no significant credit loss payments expected on the remaining fair value derivatives or  VIEs, and when combined with the salvage recovery expected on the  Terminated TruPs CDOs, this results in an aggregate  net recovery as of December 31, 2012. The present value is calculated using a discount rate of approximately 1.6%, which  approximates the average investment yield as reported in our most recently filed statutory financial statements.  (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. . . . . . . . . . . . . . . . 1,529.7 1,405.3 124.4 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,992.8 $ 1,863.3 $ 129.5 (In millions) Derivatives and VIEs Balance Sheet Other invested assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 78.0 Derivative assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.3 Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189.3 Derivative liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266.9 VIE debt - at fair value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.0 Accounts payable and accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366.3 Total fair value net liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 177.0 Present value of estimated credit loss payments (recoveries) (1). . . . . . $ (73.8) ___________________________ 131