Highly-rated financial service specialist MBIA Inc. announced that it has received identical document subpoenas today 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.
“The subpoenas do not identify any specific transaction, and MBIA believes the subpoenas were issued in connection with an industry-wide investigation of non-traditional insurance products,” said the announcement.
It added that, “MBIA intends to cooperate fully with the Securities and Exchange Commission and the New York Attorney General’s request for documents.”
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