Bond Insurer MBIA said to experience huge data leak

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Regulator Denies MBIA Payment on Surplus Notes. MBIA said the department denied the request to make the payment on MBIA Corp.’s 14% fixed-to-floating rate surplus notes due 2033, which are subordinate to the company’s indebtedness, policy claims, and other creditor claims. The payment was scheduled for Tuesday.

For credit ratings that are derived exclusively from an existing credit rating of a program, series, category/class of debt, support provider or primary rated entity, or that replace a previously assigned provisional rating at the same rating level, Moody’s publishes a rating announcement on that series, category/class of debt or program as a whole, on the support provider or primary rated.

Best’s Credit Ratings, which are issued through A.M. Best Rating Services, Inc., are a recognized indicator of insurer financial strength and creditworthiness. AM Best is also a trusted source of insurance data and market intelligence, covering thousands of companies worldwide through analytical resources and news coverage that provide a critical perspective for informed business decisions.

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MBIA’s exposure on the MBS led to it being downgraded and unable to underwrite new municipal bonds because a poorly-rated insurer is hardly an attractive credit enhancement for a muni bond. MBIA’s solution was to split its insurance business into two insurance companies: a structured products insurer which retained the liability for the MBS and.

Michael Waldron leaving Ballard Spahr for Bayview Loan Servicing Waldron has been with Ballard Spahr since late 2011, when he left the mortgage banking unit of Patton Boggs with Richard Andreano Jr. and John Socknat to form the mortgage banking group at Ballard.

It’s announced plans to strengthen its ratings operations, but there are still big question marks about how much faith. If you look at the other one, MBIA, another insurer. Its had its AAA rating.

Bond insurance (also known as "financial guaranty insurance") is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. As compensation for its insurance, the insurer is paid a premium (as a lump sum or in installments) by the issuer or owner of the security to be insured.

Puerto Rico may avoid generating losses for bond-insurance companies. New York-based MBIA have about $5 billion each, his report said. “It is far too early to assume the financial guarantors will.

Municipal Bonds are Inexpensive and Attractive, Says Eaton Vance’s Metzold. Metzold will be leaving Eaton Vance after 28 years as a money manager to lead MBIA’s secondary-markets business. He said his experience in the industry helped him get out of problematic uninsured Puerto Rican bonds early on.

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