Though more or less anticipated for the past several years, it looks like Financial Guaranty Insurance Corp. is finally shedding GE Capital Corp. as its controlling parent.

The official closing is not expected until fourth quarter, though elected CEO Frank Binova, former vice chairman and CFO at Ambac, has made it clear he plans to take the surety into new ABS asset classes, and perhaps into the international space. FGIC has done most its business in the municipal market over the past several years.

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