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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (152695)	2/21/2002 5:04:01 PM
From: reaper	Read Replies (2) \| Respond to of 436258

DAK -- MBIA is actually more of an asset-backed insurer than a municipal insurer. I think their par insured of ABS is about 1.5x their level in public finance, and that part of their business is growing while the public finance side is modestly shrinking. btw, MBIA's market share in that ABS market is 37% can you explain to me how it is that the ABS market thinks that it is "insured" when (i) the risks are not really insurable, as they are correlated; and (ii) 37% of the market is insured by a company with only a shade over $4 billion in capital? Disclosure: size short Ambac and MBIA, and any company that I can find that relies on ABS for financing (you know the list <g>; though did you know that CarMax (KMX) is a big player in auto loan securitizations; i discovered that yesterday while reviewing CC financials; got short today as the stock broke out to new highs) Cheers