MBIA's Investment in New Orleans

With insured bonds in New Orleans’s airport, aquarium, zoo, and hospitals, MBIA Insurance has a definite interest in seeing New Orleans rebuilt. But as Mitchell Sonkin, the head of insured profile management for MBIA, explained, the company wanted to go beyond donations and get its hands dirty. So, the company decided to extend its participation in Habitat for Humanity down to the Gulf Coast and sponsor a NOAHH home in the West Bank. Three waves of MBIA volunteers came to New Orleans throughout the construction process and swung their hammers to build a home in partnership with the Joseph Family.

The last group of volunteers from MBIA were on hand on Friday, April 4, to present Terrence Joseph with the keys to his family’s new home. Mr. Joseph, a proud native of New Orleans, construction worker, and the father of three sons, said of his family’s displacement after Hurricane Katrina: “I wanted to come back to New Orleans to help with the rebuilding efforts, and this city is my home. I never knew how much I loved my city until I almost lost it forever. I want my kids to grow up here and have a love of New Orleans like I do.”

About the House Sponsor – MBIA Inc.

MBIA Inc. is a premier financial guarantor and a leading provider of fixed-income investment management services. The Company’s core business is credit enhancement of municipal bonds and structured financings. MBIA's innovative and cost-effective products and services meet the credit enhancement, financial and investment needs of its public and private sector clients, domestically and internationally. MBIA Inc.'s principal operating subsidiary, MBIA Insurance Corporation, has the following financial strength ratings: Triple-A with negative outlook from Standard & Poor's Ratings Services; Triple-A with negative outlook from Moody's Investors Service; and Triple-A with a negative outlook from Ratings and Investment Information, Inc. MBIA’s offices in New York, Denver, San Francisco, Paris, London, Madrid, Mexico City, Milan, Sydney and Tokyo, service the needs of clients with local solutions around the globe.