cranyinnyc

MBIA's Momentous 2Q: Need More Evidence That the Turn Has Arrived?

I am somewhat curious Tom how you reconcile your point #3 (about mkt overestimating expected losses because it underestimates how much will be put back to the originators) in particular the part "The numbers don’t figure to be small. In the quarter, MBIA sent out put-back notices to underwriters that totaled $300 million." with your view that banks are also very attractive at these levels. Who is MBIA putting these loans back to? and if MBIA won't have the loss won't the banks then?