MBIA Inc (MBI)

[mlkrborn]

MBIA reports quarterly net loss of $242 mln

SAN FRANCISCO (MarketWatch) -- MBIA Inc. reported a fourth-quarter net loss to common shareholders of $242 million, or $1.16 a share, late Monday. That was less than a net loss of $1.2 billion, or $5.21 a share, in the fourth quarter of 2008. The loss in the latest period was driven by $661 million in pre-tax loss and loss adjustment expenses related to guarantees the bond insurer sold on second-lien mortgage loan securitizations. Results were also hit by $200 million in pre-tax realized losses and other settlements on insured derivatives, MBIA said. MBIA shares climbed 1.7% to $4.88 during after-hours trading.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.