New York- based financial guarantee insurer MBIA, Inc. has issued a follow-up bulletin concerning the subpoenas it recently received from the Securities and Exchange Commission and the New York Attorney General’s office “requesting information with respect to non-traditional or loss mitigation insurance products developed, offered or sold by MBIA to third parties from January 1, 1998 to the present” (See IJ Website Nov. 19).
“In a subsequent call made by the Company to the SEC, a representative of the SEC indicated that the investigation will include the reinsurance arrangements entered into by MBIA in 1998 in connection with the bankruptcy of the Delaware Valley Obligated Group (DVOG), an entity that is part of Pittsburgh-based Allegheny Health, Education and Research Foundation (AHERF),” said the announcement.
MBIA also confirmed that it “intends to cooperate fully with the Securities and Exchange Commission and the New York Attorney General’s request for documents.”
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