Items Tagged with 'MBIA Insurance Corp.'

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A recent settlement between Bank of America and MBIA Insurance Corp in regards to MBIA’s suit against the mega bank over sour mortgage-backed securities is credit...

Bank of America and MBIA ended two pieces of legacy litigation this week, putting to rest a prominent mortgage-backed securities case and a lawsuit challenging MBIA’s...

Bond insurer MBIA Insurance Corp., which faced numerous headwinds after insuring mortgage-backed securities, may soon be seized by the Superintendent of New York’s Department of Financial...

A quiet announcement from insurer MBIA [stock MBI][/stock] about changing the terms on existing debt agreements with certain senior note holders could be a shot across...

MBIA [stock MBI] [/stock] profit fell dramatically in the third quarter as troubled mortgages tied to Countrywide (now Bank of America [stock BAC][/stock]) resulted in a...

In another example of how often arcane accounting standards can obscure reality for everyday investors, besieged monoline insurer MBIA, Inc. [stock MBI][/stock] reported a surprise profit of $1.7 billion, or $7.14 per share, for the second quarter; but the profit was largely the result a $3.3 pre-tax paper gain tied to a substantial widening of credit default swap spreads on MBIA itself during the second quarter.

It turns out that Bill Ackman really was right. The Pershing Square fund manager, famously short on MBIA, has maintained all along that the bond insurer didn't deserve its Aaa rating; and by Thursday evening, all three major rating agencies finally agreed with him.

Beleaguered bond insurers MBIA Insurance Corp. and Ambac Assurance Corp. received some welcome good news Monday from Standard & Poor's, with the rating agency affirming ratings on the two largest monolines. MBIA saw its financial strength rating removed from credit watch and assigned a negative outlook -- meaning a downgrade was less likely; Ambac saw its 'AAA' rating affirmed, although the company remains on credit watch, S&P said.

Moody's Investors Service yesterday placed MBIA Insurance Corp. and its affiliates on review for a possible downgrade, leading the world's largest bond insurer to say Friday that it was surprised by the action. The moves comes just after Fitch Ratings affirmed MBIA's insurer ratings earlier this week.