Items Tagged with 'MBIA Inc.'

ARTICLES

  • The BofA-GSE settlement: Were we robbed, or not?

    The year started with a big surprise — the Jan. 3 announcement that Bank of America [stock BAC][/stock] had reached an agreement with Fannie Mae and Freddie Mac on "substantially" all currently outstanding repurchase requests on loans sold by Countrywide to the government-sponsored enterprises.
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  • MBIA Posts Profit Despite Second-Lien Woes

    Monoline bond insurer MBIA, Inc. [stock MBI][/stock] posted a surprise profit for shareholders in Q109, despite ongoing issues in its structured finance portfolio. Analysts had largely expected a loss. The firm said it earned $696.7m, or $3.34 per share, during the first quarter, compared with a net loss of $2.4bn, or $12.92 per share, in the year-ago period.
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  • Bond Insurers Post Losses on Weak RMBS

    Bond insurer MBIA Inc. [stock MBI][/stock] said late Monday it had recorded a $2.7 billion net loss -- or $12.29 per share -- for the full year 2008, up from the $1.9 billion -- or $15.17 per share -- lost in all of 2007. The company said it saw $1.2 billion lost in the fourth quarter alone, although this figure showed a decline from year-ago levels, when the company posted a $2.3 billion net loss in the fourth quarter 2007.
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  • MBIA Posts Q3 Loss, Builds Loss Reserves

    Beleaguered bond insurer MBIA Inc. [stock MBI][/stock] said Wednesday before market open that it lost $806.5 million, or $3.48 per share, during the third quarter, driven primarily by increases to loss reserves on the company's second lien residential mortgage exposures.
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  • MBIA Posts "Phantom Profit" as CDS Spreads Blow Up

    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.
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  • Bottom fishing in this market? Good luck to you.

    Tuesday's New York Post carried a blunt reminder of just how painful trying to bottom-fish in a roiled financial market can be. The case study in this instance is none other than private equity giant Warburg Pincus, which was last seen six months ago pumping $800 million into troubled monoline bond insurer MBIA Inc. Let's just say things haven't worked out all that well since that time:
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  • More Write-Downs Ahead for Citi?

    Shares in Citigroup Inc. [stock C][/stock] fell sharply Thursday after Goldman Sachs Group [stock GS][/stock] analyst William Tanoma singled the firm out for more mortgage-led losses in its upcoming Q2 earnings report, saying that the firm could take writedowns of as much as $8.9 billion in the quarter.
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  • Bond Insurers Looking to Unwind $125 Billion in CDO Contracts

    The latest twist and turn in the wake of now widespread bond insurer downgrades is that some of the largest -- notably MBIA Inc. [stock MBI][/stock] and Ambac Financial Group, Inc. [stock ABK][/stock] -- are looking to essentially wipe out $125 billion in insurance on collateralized debt obligations tied to subprime and other mortgages that have likely gone permanently bad.
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  • Cost of a Downgrade: MBIA Warns of $7.4 Billion Loss

    It didn't take long for last week's downgrade of monoline bond insurer MBIA Inc. [stock MBI][/stock] to hit the firm's bottom line; the company said late Friday that it will likely have to post $7.4 billion in payments and collateral tied to its asset management business -- a separate business line that underscores the complexity of the business structure at large monline insurers.
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