MBIA - Municipal Bond Insurance Association

  • MBIA and its predecessor the Municipal Bond Insurance Association, when we were a joint underwriting association, have now insured over 10,000 bond and note issues across the United States.

--  Peter P. Kelly, is Senior Vice President and Group Director of Business Development and Secondary Market Insurance Products for Municipal Bond Investors Assurance Corporation in New York, New York

1988 - SOA - Financial Guarantees, Society of Actuaries - 22p

  • 2002 1209 - Bill Ackman / Gotham Partners - "Is MBIA Triple A?" - 55p
  • 2008 0421 - MBIA - Financial Liquidity Crisis, Jay Brown, Georgetown, CSPAN - [link]
  • 2008 0618 - NYT - MBIA debt is setting up standoff with regulators, By Gretchen Morgenson and Vikas Bajaj - [link]
  • 2008 0620 - MBIA - Press Release - MBIA Comments on the Impact of the Moody's Downgrade of MBIA's Insurance Financial Strength Rating to A2 on its Asset/Liability Management Business - 2p
  • 2010 0217 - NYT - Judge Denies a Dismissal in a Suit Against MBIA - [link]
  • 2010 0410 - WSJ - Judge Dismisses Most Claims in Merrill-MBIA CDS Suit, By Chad Bray - [link]
    • The swaps contracts between MBIA and Merrill were written between September 2006 and March 2007, according to the lawsuit, before Merrill's tie-up with Bank of America.
  • 2011 0314 - WSJ - Former N.Y. Regulators Disagree With MBIA Split, By Katy Burne And Serena Ng - [link]
    • Former Regulators - James Corcoran, Edward Muhl, Gregory Serio and Richard Stewart
  • 2011 0322 - FT (Financial Times) - MBIA loss estimates $10bn short, say banks - [link]
  • 2011 0628 - NYT - New York Court Permits Banks to Sue MBIA - [link]
  • LC - MBIA Insurance Corporation v. Countrywide Home Loans, Inc.
    • 2011 0611- Mozilo Deposition - 140p
    • (p29) - Q. So are you aware that MBIA wrote multiple billions of dollars of financial guarantee insurance on RMBS created by Countrywide?
    • A. I only know that as a result of this deposition.
    • (p31) - Q. Was MBIA and the other monolines entitled to accept the representations and warranties made by Countrywide as truthful?
    • MS. CONCANNON: Objection.
    • MR. SIEGEL: Go ahead.
    • MR. SELENDY: We have it.
    • MR. SIEGEL: Oh, question's vague and argumentative.
    • MR. TU: Also calls for a legal conclusion.
    • THE WITNESS: I have no -- I have no idea what you're talking about.
    • MR. SELENDY: Okay.
  • (p229-231) -  Q. Okay. And you wrote: "I don't understand why a potential loss of this magnitude was discovered after we had given guidance for the fourth quarter and no one in senior management nor the board was aware of this potentially."
    • What potential loss are you talking about there?
  • A. I have no idea, no recollection of it.
  • Q. Could it be loss in connection with litigation with monolines?
  • MS. CONCANNON: Objection. Calls for speculation, vague, overbroad, lacks foundation.
  • THE WITNESS: I have no idea.
  • BY MR. SELENDY:  Q. Mr. Sambol writes back to you, saying: "It appears there was"
    • -- First he says:  "We should have been aware of this exposure earlier."  
    • And then he says:  "It appears that there was a disconnect between our Secondary Marketing and Credit areas, which I'm sure a number of factors contributed to: The number of issues they've been dealing with, their staffing and capacity constraints, the change in the credit department leadership with McMurray's departure, Kevin's absence, the rapid pace of credit deterioration, and the fact that up until recently nobody would have envisioned this trigger being tripped." Do you see that?
  • A. Uh-huh.
    Q. Do you have any understanding of what "trigger" he's talking about?
  • A. No.
  • MS. CONCANNON: Objection.
  • THE WITNESS: I don't have any recall on it.