“The fourth quarter brought the largest quarterly reduction in risk in our structured finance portfolio since the beginning of the financial crisis,” said MBIA Inc. President and Chief Financial Officer Chuck Chaplin. “Including 2012 to date, we have commuted or agreed to commute almost $24 billion of potentially volatile liabilities since the end of the third quarter. In January, a significant ruling from the New York State Supreme Court reinforced our expectation that we will ultimately recover the contractual amounts due to us from the banks and other financial institutions that sold ineligible mortgages into our insured securitizations. These developments support our view that our MBIA Corp. subsidiary will be able to meet all future expected claims as they come due.”“Since the third quarter of 2011, five banks have exited the litigation challenging our Transformation, leaving four of the original 18 plaintiffs,” Mr. Chaplin continued. “We look forward to the resolution of this action in 2012, which will remove a major obstacle to National Public Finance’s re-entry into the municipal bond insurance market.”
MBIA Inc. Reports Fourth Quarter And Full Year 2011 Financial Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.