Exhibit 99.2

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Financial Security Assurance Inc.

Investors' Overview

June 30, 2004

Table of Contents

•	Monoline Financial Guaranty Insurance Industry

•	Financial Security Assurance (FSA)

•	FSA's Primary Business Lines

•	Monoline Financial Guarantor Comparison

•	Appendices:
	•	A: ABS Transactions - FSA's Underwriting Approach
	•	B: CDO Portfolio - Overview
	•	C: Monoline Financial Guarantor - Default Swap Spreads
	•	D: Municipal Bond Industry Loss and Recovery Rates
	•	E: What a Typical FSA Insurance Policy Covers
	•	F: Additional Holding Company Information

•	Non-GAAP Measures

•	Forward-Looking Statements

[LOGO]

Monoline Financial Guaranty Insurance Industry

The Aaa/AAA-Rated Monoline Financial Guaranty Insurance Industry

• Big Four primary providers: AMBAC (1971), MBIA (1973), FGIC (1983), FSA (1985)

• Recent entrants: XLCA (2000), CIFG (2002), Assured Guaranty (1)(2003)

• Insure municipal/governmental and asset-backed bonds, domestically and internationally

• All rated Aaa/AAA/AAA by Moody's/S&P/Fitch Ratings (1)

• Regulated by

• Government agencies

• Rating agencies

• Barriers to entry

• Experienced management requirements

• Strong ownership/business model requirements

• Market recognition & acceptance - trading value and liquidity

• Staffing infrastructure requirements

• Significant capital requirements

• Weak returns in early years of start-up

• Underwrite investment-grade transactions

• No forced acceleration – insurer is only required to make principal and interest payments as scheduled

• Low industry loss experience

(1) Assured Guaranty is rated AAA by S&P, Aa1 by Moody's and not rated by Fitch Ratings.

Rating Agencies Oversight

• Transaction level

• Shadow rating assigned to each insured transaction by sector specialist

• Capital charges assigned for each specific exposure

• Insurance company level

• Continuous review of operations, risk management practices, profitability, liquidity and quality of management

• Review capital sources and investment practices

• Evaluate worst-case loss potential from claims

• Assess capital adequacy under stress scenarios

• S&P's FER (Financial Enhancement Ratings)

• Measures willingness to pay claims and commitment to maintain Triple-A

Worldwide Offices of Leading Monoline Bond Insurers

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AAA-Rated Monoline Financial Guaranty Insurance Industry

Net Par Outstanding by Product Line – 6/30/04

[CHART]

Total Net Par Outstanding: $1.5 Trillion

Includes: Ambac, FSA, MBIA and FGIC. Gross outstanding par for those companies was $1.75 trillion at 12/31/03.

Source: Company reports.

AAA-Rated Monoline Financial Guaranty Insurance Industry Annual Gross Par Originated

Trends: Growth in Originations and Diversification

[CHART]

Sources: FSA, MBIA, Ambac and FGIC company reports. Includes secondary market transactions.

(1) Includes ABS, MBS and funded and unfunded CDOs and CDSs.

First Half 2004 Monoline Financial Guaranty Insurance Industry Market Shares – New Originations

(Gross Par Insured)

U.S. Municipal Market(1)

[CHART]

Total Volume: $101.2Bn

U.S. ABS Market(2)

[CHART]

Total Volume: $61.8Bn

International Market(2)

[CHART]

Total Volume: $27.5Bn

As of 6/30/04

(1) Source: Thomson Financial. Represents only primary issuances (no secondary). Percentages based on Thomson Financial giving full credit for entire transaction to each participating insurer. Total volume shown is actual par insured.

(2) Source: Company reports (Includes ABS, MBS, CDOs and CDSs).