MBIA says credit losses won't be as bad as it thought

05/13/2009 | Bloomberg

Jay Brown, CEO of bond insurer MBIA, says its credit losses won't be as great as previously anticipated because in many cases, after taking a closer look, it isn't obligated to guarantee the debt that went into default. As much as 80% of the losses it has suffered on some classes of mortgage debt is linked to "ineligible" collateral and may be recovered by the company, he said.

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