Exhibit 99.2

Nicholas Ferreri Named MBIA Chief Financial Officer

    ARMONK, N.Y.--(BUSINESS WIRE)--May 6, 2004--Nicholas Ferreri has
been named chief financial officer of MBIA, effective immediately. Mr.
Ferreri will also serve on the Executive Policy Committee, the
company's senior policy-making arm. He succeeds Neil G. Budnick, who
was named president of MBIA Insurance Corporation.
    "Nick has a deep understanding of the needs of our business," said
Gary C. Dunton, MBIA chief executive officer. "He has a rock-solid
financial background as well as considerable business management
experience, both of which will serve MBIA well."
    Most recently, Mr. Ferreri was managing director of global public
finance in MBIA's Insured Portfolio Management Division, responsible
for the surveillance of all public finance transactions insured by
MBIA globally. Mr. Ferreri was named managing director in MBIA's
Business Analysis Division in 2000, responsible for pricing all of
MBIA's new business transactions in Global Public Finance and Global
Structured Finance.
    In addition to his duties as CFO, Mr. Ferreri will continue to
serve as chief executive officer of MBIA MuniServices, an MBIA
subsidiary responsible for revenue enhancement and municipal
consulting services throughout the United States. He was named chief
financial officer of MuniServices in 1997 and chief executive officer
in 2001.
    Before joining MBIA in 1997, Mr. Ferreri was a vice
president/senior analyst at Moody's Investors Service, responsible for
the ratings of the major bond insurers and reinsurers. From 1982-1992,
Mr. Ferreri was a senior manager at Ernst & Young.
    A Summa Cum Laude graduate of St. Johns' University with a B.S. in
Accounting, Mr. Ferreri is a Certified Public Accountant.
    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.

    CONTACT: MBIA Inc.
             Michael Ballinger, 914-765-3893
             www.mbia.com