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More on MBIA (MBI): Adjusted book value/share of $31.23 vs. $32 in Q1. Net income of $581M...
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Wednesday, August 8, 2012, 4:50 PM ETMore on MBIA (MBI): Adjusted book value/share of $31.23 vs. $32 in Q1. Net income of $581M ($2.98/share) was boosted by $1.2B pre-tax unrealized gains on credit derivatives. Taken out, loss was $152M vs. income of $161M a year ago. Heavy CMBS exposure resides with BofA, currently (according to MBIA) in default of its obligation to repurchase billions in mortgages. Trial begins in 2013. Shares +5.7% AH. (PR)
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