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Tuesday, November 10, 2009
MBIA Shares Plunge On 3Q Loss
By Darryl R. Isherwood
FOXBusiness
MBIA Inc.’s (MBI) woes continued after the bell Monday as the company announced a third-quarter loss, its fifth quarterly loss in the past two years, and the stock plummeted on Tuesday.
The bond insurer has lost nearly half its value from its 52-week high in September.
For the latest quarter, the company reported losses of $727.8 million, or $3.50 per share, compared with a 2008 third quarter loss of $806.5 million or $3.42 per share.
The results include an $810.2 million loss on insured credit derivatives, $238.8 million in pre-tax losses and loss adjustment expenses on mortgage loan securitizations, and $171.4 million in pre-tax realized losses on investments.
The company paid $638.4 million in claims in the third quarter.
Shares of MBIA plunged 27% on Tuesday to $3.52.
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