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MBIA Reports Record Losses While Connecticut Investigates
Less than 48 hours after it was specifically named as a target of a state investigation of major bond rating agencies and insurers, MBIA announced a record quarterly loss after writing down $3.5 billion. MBIA, a major bond insurer, said it was looking at ways to raise additional capital but the loss was wider than analysts had expected. The company whose stock in trade had for years been the insuring of municipal bonds had seen an opportunity of increasing its revenues by insuring packages of subprime mortgages and other consumer debt. Now it is reporting a fourth-quarter loss of $2.3 billion or $18.61 a share, mostly from that ill-conceived decision. One year ago it reported a fourth-quarter profit of $181 million or $1.32 a share.
Current Mortgage Rates within New Haven, CT 4.60% APR - 5.10% APR