Bond Insurer Decreases Net Loss

Bond insurer MBIA Inc., Armonk, N.Y., said it would be decreasing its net loss for the year and fourth quarter by $6.5 million due to changes that include a mortgage-related move. MBIA said the changes consist of a decrease in its pre-tax net loss on financial instruments by $110 million and an increase its special addition to the unallocated loss reserve for prime, second-lien mortgage exposure by $100 million to $200 million. Separately, MBIA also has made plans to raise $750 million through an underwritten registered stock offering that is slated to consist of approximately 50.3 million shares.