MBIA Loses $2.3 Billion on Write-Downs (AP via Yahoo! Singapore News)

Story date: 2008-01-31 07:08:00
Added on: 2008-01-31 07:42:27

MBIA Inc. reported write-downs of $3.5 billion on souring credit markets Thursday, exacerbating concerns that rising costs could squeeze local governments as well as slow any recovery for big banks. Continued weakness in the bond insurance market may put struggling banks in a precarious position. Banks, which have reduced portfolio values by more $140 billion during the second half of ...


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