ARMONK, N.Y.--(BUSINESS WIRE)--June 13, 2006--
MBIA Inc. (NYSE: MBI) announced today that John Cutting
has joined as a managing director in MBIA's Asset Management Group. In
his new position, Mr. Cutting's responsibilities will focus on the
asset-backed securities (ABS) sector. He will head the Collateralized
Debt Obligation (CDO) Group and assist in expanding MBIA's residential
mortgage-backed securities (RMBS) and commercial mortgage-backed
securities (CMBS) platforms. Mr. Cutting will report to Cliff Corso,
head of MBIA Asset Management and Chief Investment Officer of MBIA
Insurance Corp. MBIA specializes in the management of fixed-income
assets and has over $50 billion in assets under management.
"With over 23 years of experience in the capital markets, John
brings a deep background in the asset-backed securities sector as well
as specific expertise in RMBS, CMBS and CDOs. He will add tremendous
value to our franchise as we continue to grow in these areas," said
Mr. Corso.
Most recently, Mr. Cutting was a managing director at Eurohypo
where he built the US Asset Management Group that trades RMBS, ABS,
CMBS, CDO securities and issues ABS CDOs. Prior to that, Mr. Cutting
built the CMBS Department which entailed establishing a fully
integrated origination, underwriting, securitization, trading and
placement platform for the bank. Before joining Eurohypo, Mr. Cutting
was a managing director and head of the ABS Group at HSBC Bank USA
where he was responsible for building and implementing a $5 billion
ABS commercial paper conduit program. From 1998 to 2001, he was an
executive director and one of the founding members of the Principal
Finance and Credit Arbitrage Group at UBS Warburg. Mr. Cutting began
his career at Merrill Lynch in the real estate investment banking
division, and eventually became the head of trading on the CMBS desk.
A graduate of Denison University, Mr. Cutting has an M.B.A. from
New York University's Stern School of Business. He holds NASD Series
7, 24 and 63 licenses.
MBIA Inc., through its subsidiaries, is a leading financial
guarantor and provider of specialized financial services. 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 a
financial strength rating of Triple-A from Moody's Investors Service,
Standard & Poor's Ratings Services, Fitch Ratings, and Rating and
Investment Information, Inc. Please visit MBIA's Web site at
http://www.mbia.com.
Source: MBIA Inc.