Revealed: BlackRock owns considerable stock in housing’s biggest players

Who wins the Super Bowl…of real estate?

Redfin deflates Patriots' homeowners

CFPB wants more mortgages in "underserved" areas

And here's how they will get it done
W S
Investments / The Ticker

MBIA profit surges in 2Q

/ Print / Reprints /
| Share More
/ Text Size+

Bond insurer MBIA (MBI) posted net income available to common shareholders of $581 million, or $2.98 a share, for the second quarter of 2010.

That compares to earnings of $137 million, or 68 cents a share, a year earlier.

In just the second quarter, MBIA commuted $8.5 billion of its insurance exposure. Most of the commutations involved contracts on commercial-mortgage backed securities, commercial real estate, CDOs, ABS and subprime residential mortgage-backed securities.

MBIA's adjusted pre-tax loss hit $152 million for 2Q, down from $161 million a year earlier.

The company's chief financial officer Chuck Chaplin suggested in an earnings report that MBIA's insured portfolio is reaching a point of stability while its National unit, which was formed as a separate insurance firm in 2009, remains in line with expectations.

kpanchuk@housingwire.com

Recent Articles by HousingWire Staff

Comments powered by Disqus