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MBI RMBS presentation

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MBI did a presentation yesterday on their RMBS exposure. I downloaded the slides and listened to a replay of the webcast today. I was impressed by the way they presented the situation, they seemed pleased that their policies and procedures have stood up so well under the test of current conditions. Quotes:
- No protection contract written as CDS has been impaired
- Although housing market stress is expected, there are no probable and estimable losses in our portfolio today

So far so good. I was surprised, the stock went down quite a bit today.

Friday August 03, 2007 : 07:09 PM

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