“The second quarter brought a close to the challenges to the formation of National brought by a bank group, the elimination of nearly $18 billion of insured exposure, which included $11 billion of highly potentially volatile CMBS and ABS CDO exposures, the collection of almost three quarters of the put-back recoverables on our balance sheet at year-end 2012, and an agreement that should result in the eventual receipt of approximately $796 million of additional put-back recoverables related to our ResCap exposure,” said MBIA Inc. President and Chief Financial Officer Chuck Chaplin. “There is risk remaining in our structured finance book, but we are much closer to achieving stability there. Meanwhile, we continue to work with the rating agencies and other parties to lay the foundation for the re-launch of our U.S. muni-only insurer, National Public Finance Guarantee Corp.”Year-to-Date Results
MBIA Inc. Reports Second Quarter 2013 Financial Results
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