Q4 2012 Earnings Call Transcript

Transcript Call Date 02/28/2013

Operator: Good morning and welcome to the MBIA Incorporated Fourth Quarter 2012 Financial Results Conference Call. At this time, all lines are in a listen-only mode to prevent any background noise. After the prepared remarks from the Company, there will be a question-and-answer session.

I would now like to turn the call over to Greg Diamond, Managing Director of Investor Relations at MBIA. Please go ahead.

Greg Diamond - Managing Director, IR: Thank you, Jackie. Welcome to MBIA's conference call for the release of our financial results for the fourth quarter and full year of 2012. For today's call Jay Brown and Chuck Chaplin will provide some brief comments and then we'll hold a question-and-answer session.

Yesterday afternoon after the market closed, we posted several items on our website including our 2012 10-K and fourth quarter 2012 operating supplement. The information for accessing the recorded replay of today's call is available in the financial results press release that we issued yesterday, which is posted on our website.

Our company's definitive disclosures are incorporated in our SEC filings. Please note that anything said on today's call is qualified by the information provided in the Company's 10-K, and other SEC filings.

The 10-K we filed yesterday also contains information that will not be addressed on today's call. Please read our latest 10-K for our most current and most comprehensive disclosures about the Company and our latest financial and operating results.

Also please refer to our financial results press release that is available on the website for the definitions and reconciliations of the non-GAAP terms that are included in our remarks today.

Lastly, here's our Safe Harbor disclosure statement; our remarks on today's conference call may contain forward-looking statements. Important factors such as general market conditions and the competitive environment could cause actual results to differ materially from those projected in our forward-looking statements. Risk factors are detailed in our 10-K, which is available on our website at

The Company cautions not to place undue reliance on any such forward-looking statements. The Company also undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such statement is no longer accurate.

Now, Jay will make some introductory comments. Jay?

Jay Brown - Chief Executive Officer: Thanks, Greg and good morning everyone. 2012 was a year of slow, but steady progress in our efforts to resolve the issues of the past and position your Company for the future. Strategically, we are still waiting for a decision in the four-year old Article 78 proceeding, challenging the New York State Department of Financial Services' approval of the creation of national public finance guarantee. I remain confident of the outcome, but will continue to steer clear of predicting the timing.

Our effort to position National in the bond insurance marketplace has to get over three hurdles; the transformation litigation, the reduction or retirement of intercompany facilities and the achievement of high stable ratings. I believe that the Article 78 decision, when it comes, will go a long way towards meeting that first objective. The transformation litigation originally a challenge by a group of 18 banks against our 2009 restructuring has now largely been reduced to lever in our ongoing dispute with Bank of America and its countrywide subsidiary over their mortgage putback obligations.

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