MBIA Inc. has announced the receipt of subpoenas from the Securities and Exchange Commission and the New York Attorney General's office requesting information about nontraditional or loss mitigation insurance products developed, offered, or sold by MBIA to third parties.
The subpoenas do not identify any specific transaction, the company said on Thursday, and MBIA, an Armonk, N.Y., financial guarantor and provider of specialized financial services, said it believes they were issued in connection with an industrywide investigation of nontraditional insurance products. MBIA said it intends to cooperate fully with the SEC and attorney general's document requests.
Through its subsidiaries, MBIA provides products and services to meet the credit enhancement, financial, and investment needs of its public- and private-sector clients, domestically and internationally.
