MBIA (NYSE: MBI) Says N.Y. Regulator Hasn’t Approved Payment On Surplus Note

Shawshank,VA 7/10/12 (StreetBeat) -- MBIA Inc. (NYSE:MBI), the bond insurer that split its business in 2009, said the New York State Department of Financial Services hasn’t decided whether it will allow a unit that backed soured mortgage debt to make a debt interest payment.

Payments on the 14 percent surplus notes maturing in 2033 are scheduled for July 16, MBIA said in a regulatory filing today. No payments are due from the MBIA Insurance Corp. unit if the regulator doesn’t approve them, the Armonk, New York-based insurer said.

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