Friday, Feb 15, 2008
Whoopsie: 8th February 2007
The Street: Flashback: MBIA Shrugs Off Subprime
Mortgage insurance firm MBIA says it has very little exposure to the subprime slime that has shaken up Wall Street. The Armonk, N.Y.-based bond insurer held a two-hour conference call to explain how loans provided to borrowers with unsavory credit quality are affecting it. MBIA outlined its portfolio composition and underwriting criteria in a bid to quell investor fears that have sent its shares on a tailspin this week.
CFO Edward Chaplin said that although the financial firm insures some deals tied to subprime in pools of structured securities, including so-called collateralized loan obligations and residential mortgage-backed securities, its overall portfolio has fared well.
Posted by lvmreader @ 11:35 PM (359 views) Add Comment
3 Comments
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1. lvmreader said...
I smell a lawsuit. I guess the giveaway was that their CFO was called "Charlie" Chaplin!
2. little professor said...
LOL, nice find lvm.
Still waiting for these jokers to be downgraded.
3. Icarus said...
Banks, bond insurers etc. are giving out bad news in small doses and as late as possible. Hence this.