Looking back, the housing industry is totally Scrooged

Looking back, the housing industry is totally Scrooged

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MBIA posts deep second-quarter loss

Insured derivatives turned out to be the culprit

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MBIA Inc. (MBIA) recorded a net loss of $178 million in the second quarter as the firm lost $182 million on the value of insured derivatives, Reuters reported Wednesday.

The company reported a net loss of $178 million, or 92 cents per share, in the second quarter, compared with net income of $581 million, or $2.98 per share, a year earlier.

The company had realized a $1.2 billion pre-tax gain on insured credit derivatives in the year-ago quarter.

Source: Reuters
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