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October 12, 201 0
Via Email & Mail
Phil Angelides
Clla irma 11
Hon. Bill Thoma
Mr. Jeffery H. Lane, Esq
Executive Vice President, General Counsel and Secretary
Mortgage Guaranty Insurance Co.
250 E. Kilbourn Ave
Milwaukee, WI 53202
Re:
Vice Clzaimzall
Treatment of Mortgage Guaranty Insurance Company
Non-Public Information
Dear Mr. Lane:
Brooksley Born
Com missio11er
Byron S. Georgiou
Commissioner
Senator Bob Graham
Commissioner
Keith Hennessey
On behalf of the Financial Crisis Inquiry Commission ("the Commission"), I write
to memorialize our understanding with respect to the treatment of nonpublic
information provided by Mortgage Guaranty Insurance Company and its affiliates
collectively ("MGIC") to the Commission and its staff.
When submitting information to the Commission please indicate what is truly
"non-public" to allow the Commission to track MGIC's submissions
appropriately. Please avoid categorizing everything as non-public, as to do so will
make the Commission's work more difficult and may lead to inadvertent public
disclosure outside of the terms ofthis letter.
Commissio11er
Douglas Holtz-Eakin
Commissioner
Heather H. Murren, CFA
Commissioner
John W. Thompson
Commissioner
Peter J. Wallison
Commissioner
Any non-public information that is obtained from MGIC (please note that it is
likely that some of the information we receive from MGIC we may also receive
from other sources without restriction) will be used only by employees and agents
of the Commission who have a need to know and use the information in the
performance of their official work duties in a manner consistent with its nonpublic status and applicable law. All persons with whom non-public information
is shared will be advised of and, as condition of receiving non-public information,
will agree to comply with the understanding in this letter.
In accordance with its statutory mandate and its duty to the American public, the
Commission, if it determines it is in the public interest, may release to the public
non-public information obtained from MGIC as part of any interim or final report
to the President and Congress, or in any public hearings, if the Commission
determines to do so by a majority vote, or by the decision of the Chairman and
Vice Chairman acting together on behalf of the Commission.
Prior to any release of non-public information under the above paragraph, the
Commission will give written notice to MGIC, and allow MGIC to consult with
the Commission before the Commission uses any of the MGIC's non-public
1717 Pennsylvania Avenue, NW, Suite 800 • Washington, DC 20006-4614
Wendy Edelberg
Executive Director
202.292.2799 • 202.632.1604 Fax
•-8-·
*
Nothing as described in this letter will prevent the Commission or its staff from complying with
a request or demand from a duly authorized Committee of the United States Congress with
authority to require and receive the non-public information, or a legally valid and enforceable
subpoena or order by a court of competent jurisdiction for the non-public information or
testimony related thereto.
Finally, all information obtained from MGIC or relating to MGIC will be transmitted to the
National Archives and Records Administration (NARA) following the completion of the
Commission's work. To the extent permitted by law, the Commission will request that NARA
not release to the public the MGIC non-public information for an appropriate length of time. If
you have a legal basis to believe that the Commission is not required by law to provide certain
MGIC information to NARA, please let us know.
If you have any questions or concerns, please do not hesitate to contact me at 202-292-1339 or
GCohen@fcic.gov, or Tom Krebs at 202-292-1349 or TKrebs@fcic.gov.
Thank you very much for MGIC's continued cooperation.
Very truly yours,
Cc: Wendy Edelbery
Executive Director
Tom Krebs
Assistant Director & Deputy General Counsel
@FedFRASER