Actually, MBI is a dead stock walking...Detroit is going to drain it dry...
Business Wire reports on 3/5/13-
"In response to investor inquiries, National Public Finance Guarantee Corporation (National), an indirect subsidiary of MBIA Inc. (MBI), today confirmed that it has approximately $100.7 million of insured exposure to the general obligation debt of the City of Detroit, Michigan. National has additional exposures to various City of Detroit issues totaling $2.4 billion that are secured by distinct revenue streams."
“Should the City of Detroit fail to make a required debt service payment for any reason, including a bankruptcy filing, National’s insured bondholders are guaranteed their scheduled interest and principal payments on time and in full,” said Adam Bergonzi, National’s Chief Risk Officer. “National will continue to monitor the situation closely in the coming months as the city and state work to resolve Detroit’s fiscal crisis.”