Statement from Association of Financial Guaranty Insurers Regarding MBIA´s Withdrawal from AFGI

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Sean W. McCarthy, Chair of the Association of Financial Guaranty
Insurers (AFGI) and President and Chief Operating Officer of Financial
Security Assurance Holdings Ltd. said: "AFGI members are surprised at
the withdrawal of MBIA from AFGI. AFGI is a trade association that
serves as a consistent informational source, represents the industry
in standardizing financial reporting and disclosure and speaks for the
industry on a number of issues.

"AFGI has not taken a position on member firms´ organizational
structures, lines of business or execution formats, such as credit
default swaps (CDS) or policy forms. Further, all of the financial
guaranty products offered by industry members, including insured CDS,
are permitted under applicable insurance law and regulation.

"AFGI remains committed to supporting the industry and its members
who offer credit enhanced products in the municipal and asset-backed
markets."

About AFGI

The Association of Financial Guaranty Insurers, AFGI, is the trade
association of the insurers and reinsurers of municipal bonds and
asset-backed securities. A bond or other security insured by an AFGI
member has the unconditional and irrevocable guarantee that interest
and principal will be paid on time and in full in the event of a
default.

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