MBIA details huge mortgage exposure, shares collapse
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MBIA Inc , the world's largest bond insurer, said it has exposure to $30.6 billion in complex mortgage securities that it insures, an amount that eclipses its entire net worth.
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MBIA Inc , the world's largest bond insurer, on Wednesday slashed its common stock dividend 62 percent as part of a plan to strengthen capital and preserve the "triple-A" credit ratings it depends on to operate normally.
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A collapse of these bond insurers would have serious ripple effects.
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A heavy loss by the bond insurer MBIA and the prospect of new downgrades in the bond insurance industry sent Wall Street sharply lower in early trading.
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Japanese megabank and merger target UFJ unveils huge losses and a $6.4bn cash injection from its favoured suitor.
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Shares of MBIA, the nationâs biggest insurer of financial risk, fell 26 percent after it disclosed it was guaranteeing billions of dollars of the kind of complex debt that have unnerved the credit market.
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Business & money: Fresh evidence emerges over the depth of America's sub-prime mortgage crisis.
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The bond insurer MBIA raised $1 billion on Thursday by selling shares at $12.15 each in an effort to protect its AAA insurance rating.
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The mortgage meltdown broadened on Tuesday, led by Accredited Home Lenders Holding Co.  and New Century Financial Corp. , as investors feared that the subprime lenders, which make loans to people with poor credit histories, would run out of cash.
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Under attack from critics who describe the company as effectively insolvent, MBIA presented a spirited defense in a four-hour conference call with investors and analysts Thursday.
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MBIA Inc, a bond insurer struggling to keep the top credit ratings necessary to win new business, posted a record quarterly loss after writing down $3.5 billion and said it was looking at ways to raise equity to shore up capital.
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The day that SociÃ©tÃ© GÃ©nÃ©rale said JÃ©rÃ´me Kerviel, a rogue trader, had cost it billions, it announced a large subprime-related write-down.
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The company said its quarterly loss ballooned to $302.6 million as it struggled with its mortgage lending arm and said it is trying to renegotiate the sale of the unit.
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MGIC Investment Corp, the largest U.S. mortgage insurer, posted on Wednesday a much larger-than-expected $1.47 billion quarterly loss as more homeowners fell behind on payments, and claims increased sevenfold.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Records raise new questions about the business practices of the giant mortgage lender at the center of the subprime mess.
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Shares of Sallie Mae tumbled more than 13 percent as investors reacted to the companyâs disclosure that it would cut back on its core business of making student loans.